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Dear All Greetings! My questions are 1. What is Deferred compensation 2. What u meant by Garnishment?? Rgds, John N
From India, Madras
From India, Madras
Hi John,
I got some info on the topic.
WAGE GARNISHMENT
Wage garnishment, the most common type of garnishment, is the process of deducting money from an employee's monetary compensation (including salary) as a result of a court order. Garnishments can be taken for any type of debt but common examples of debt that result in garnishments include:
1. child support
2. taxes
3. Unpaid Court Fines
4. Any other type of monetary judgment
When served on an employer, garnishments are taken as part of the payroll process. When processing payroll, sometimes there is not enough money in the employee's net pay to satisfy all of the garnishments. In such a case, the correct order to take a garnishment must be satisfied. The other type of garnishment, also known as attachment, (or attachment of earnings), requires the garnishee to deliver all the defendant's money and/or property in the hands of the garnishee at the time of service of process to the court, to be paid over to the plaintiff. Since this type of garnishment is not continuing in nature, but is not subject to the type of restrictions that apply to wage garnishment, it is most often used against banks, or other persons or companies that incur liquidated obligations in the regular course of business. The garnishment should never begin during the pay period but should begin on the following pay period
DEFFERRED COMPENSATION
Deferred compensation is an arrangement in which a portion of an employee's income is paid out at a date after which that income is actually earned. Examples of deferred compensation include pensions, retirement plans, and stock options. The primary benefit of most deferred compensation is the deferral of tax to the date(s) at which the employee actually receives the income
Regards,
Lavanya
From India, Madras
I got some info on the topic.
WAGE GARNISHMENT
Wage garnishment, the most common type of garnishment, is the process of deducting money from an employee's monetary compensation (including salary) as a result of a court order. Garnishments can be taken for any type of debt but common examples of debt that result in garnishments include:
1. child support
2. taxes
3. Unpaid Court Fines
4. Any other type of monetary judgment
When served on an employer, garnishments are taken as part of the payroll process. When processing payroll, sometimes there is not enough money in the employee's net pay to satisfy all of the garnishments. In such a case, the correct order to take a garnishment must be satisfied. The other type of garnishment, also known as attachment, (or attachment of earnings), requires the garnishee to deliver all the defendant's money and/or property in the hands of the garnishee at the time of service of process to the court, to be paid over to the plaintiff. Since this type of garnishment is not continuing in nature, but is not subject to the type of restrictions that apply to wage garnishment, it is most often used against banks, or other persons or companies that incur liquidated obligations in the regular course of business. The garnishment should never begin during the pay period but should begin on the following pay period
DEFFERRED COMPENSATION
Deferred compensation is an arrangement in which a portion of an employee's income is paid out at a date after which that income is actually earned. Examples of deferred compensation include pensions, retirement plans, and stock options. The primary benefit of most deferred compensation is the deferral of tax to the date(s) at which the employee actually receives the income
Regards,
Lavanya
From India, Madras
Hi All,
Answer to John's first question
1.) Deferred compensation is a voluntary defined contribution retirement plan established by the state to help employees provide a supplement to their retirement income. Deferred compensation reduces income taxes while helping retirement savings grow.
The employee decides how much money to defer based on IRS limits. The amount is automatically set aside from the employee's pay warrant and invested for the employee in the investment options chosen by the employee. The employee currently pays no federal or state income taxes on the deferred amounts or on any of its earnings. The employee pays no up-front administrative charges or annual fees, so 100 percent of the employee's contribution is invested in the employee's account.
2) A court order requiring an employer to withhold a certain percentage from an employee’s pay in order to settle a debt with a creditor.
Regards,
Sandeep :)
From United Arab Emirates, Dubai
Answer to John's first question
1.) Deferred compensation is a voluntary defined contribution retirement plan established by the state to help employees provide a supplement to their retirement income. Deferred compensation reduces income taxes while helping retirement savings grow.
The employee decides how much money to defer based on IRS limits. The amount is automatically set aside from the employee's pay warrant and invested for the employee in the investment options chosen by the employee. The employee currently pays no federal or state income taxes on the deferred amounts or on any of its earnings. The employee pays no up-front administrative charges or annual fees, so 100 percent of the employee's contribution is invested in the employee's account.
2) A court order requiring an employer to withhold a certain percentage from an employee’s pay in order to settle a debt with a creditor.
Regards,
Sandeep :)
From United Arab Emirates, Dubai
Hi All,
Lavanya & Sandeep both answered well. One way if we see Lavanya's answer is more clear with examples. At the same time I am not saying Sandeep's answer is not good.
John you need to decide on the winner. Wait till afternoon 12 pm if no answer comes then you can decide on the winner.
I appreciate if Sandeep given a chance to post the next question as Lavanya has posted more number of questions. This is my opinion. No need to adhere this.
John you decide.
Preet
From India, Bangalore
Lavanya & Sandeep both answered well. One way if we see Lavanya's answer is more clear with examples. At the same time I am not saying Sandeep's answer is not good.
John you need to decide on the winner. Wait till afternoon 12 pm if no answer comes then you can decide on the winner.
I appreciate if Sandeep given a chance to post the next question as Lavanya has posted more number of questions. This is my opinion. No need to adhere this.
John you decide.
Preet
From India, Bangalore
Dear Preet/ Lavanya/Sandeep
Greetings!
Since for past one week, I am not able to access CITE HR properly(I am getting an error called PB Critical error). So I am announcing the result by 11:30 itself.
Before announcing the result, let me give the answer for the both questions.
Garnishment:
When an employer receives an order from a judicial or governmental agency requiring the employer to withhold a certain sum from the wages of an employee for payment of a debt, it is called wage garnishment. There are both federal and state laws that apply to wage garnishments.
These laws set maximum amounts that can be garnished from an employee’s paycheck, and the priority of certain types of garnishments over others when an employer is faced with deductions from an employee’s paycheck for more than one garnishment. In addition, the Bankruptcy Code prohibits garnishment and tax levies once the employee has filed for bankruptcy. An employer may not discharge an employee because of wage garnishment "for any one indebtedness" in order to prevent discrimination.
Employers must also take specific steps upon receipt of a collection request from an outside agency, including answering the order and calculating applicable exemptions.
Deferred compensation :
It is an arrangement in which a portion of an employee's income is paid out at a date after which that income is actually earned. Examples of deferred compensation include pensions, retirement plans, and stock options. The primary benefit of most deferred compensation is the deferral of tax to the date(s) at which the employee actually receives the income.
Prompt answer is given by Lavanya. Sandeep missed little bit in Garnishment.
As Per Preet & Lavanya, Sandeep can post the next qestion :D :D :D :D
Rgds,
John N
From India, Madras
Greetings!
Since for past one week, I am not able to access CITE HR properly(I am getting an error called PB Critical error). So I am announcing the result by 11:30 itself.
Before announcing the result, let me give the answer for the both questions.
Garnishment:
When an employer receives an order from a judicial or governmental agency requiring the employer to withhold a certain sum from the wages of an employee for payment of a debt, it is called wage garnishment. There are both federal and state laws that apply to wage garnishments.
These laws set maximum amounts that can be garnished from an employee’s paycheck, and the priority of certain types of garnishments over others when an employer is faced with deductions from an employee’s paycheck for more than one garnishment. In addition, the Bankruptcy Code prohibits garnishment and tax levies once the employee has filed for bankruptcy. An employer may not discharge an employee because of wage garnishment "for any one indebtedness" in order to prevent discrimination.
Employers must also take specific steps upon receipt of a collection request from an outside agency, including answering the order and calculating applicable exemptions.
Deferred compensation :
It is an arrangement in which a portion of an employee's income is paid out at a date after which that income is actually earned. Examples of deferred compensation include pensions, retirement plans, and stock options. The primary benefit of most deferred compensation is the deferral of tax to the date(s) at which the employee actually receives the income.
Prompt answer is given by Lavanya. Sandeep missed little bit in Garnishment.
As Per Preet & Lavanya, Sandeep can post the next qestion :D :D :D :D
Rgds,
John N
From India, Madras
Hi Preet my answar is"e"
As we Maslow's theory is also known as need theory or step,ladder theory
Maslow has explained it in a v good manner in a ladder like
Self actualization
Esteem needs
Social needs
Safety needs
Phylogical needs
To relate the theory and to justify the ans "e" The first interaction Point of a talent is recruitment if we fail to motivate the talent then its gone and regarding the disadvantage of the theory like the person maybe in any said level or step ok fine it is left to us to identify in which present level or ladder he is and start the future due course.As we fail to identify in which layer he is and we start up the motivation process like rule of the thumb and end of the day we fail. So pls first identify before the process in any said Topics.
From India, Bangalore
As we Maslow's theory is also known as need theory or step,ladder theory
Maslow has explained it in a v good manner in a ladder like
Self actualization
Esteem needs
Social needs
Safety needs
Phylogical needs
To relate the theory and to justify the ans "e" The first interaction Point of a talent is recruitment if we fail to motivate the talent then its gone and regarding the disadvantage of the theory like the person maybe in any said level or step ok fine it is left to us to identify in which present level or ladder he is and start the future due course.As we fail to identify in which layer he is and we start up the motivation process like rule of the thumb and end of the day we fail. So pls first identify before the process in any said Topics.
From India, Bangalore
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