Hi John, We have already discussed about this topic. Could you change your question. Preet
From India, Bangalore
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2From India, Bangalore
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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
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From India, Madras
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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.
DEFERRED 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
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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.
DEFERRED 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
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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
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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
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Hi All,
Lavanya & Sandeep both answered well. One way, if we see Lavanya's answer, it 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 until afternoon 12 pm; if no answer comes, then you can decide on the winner. I would appreciate it if Sandeep is given a chance to post the next question as Lavanya has posted more questions. This is my opinion. There is no need to adhere to this.
John, you decide.
Preet
From India, Bangalore
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Lavanya & Sandeep both answered well. One way, if we see Lavanya's answer, it 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 until afternoon 12 pm; if no answer comes, then you can decide on the winner. I would appreciate it if Sandeep is given a chance to post the next question as Lavanya has posted more questions. This is my opinion. There is no need to adhere to this.
John, you decide.
Preet
From India, Bangalore
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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
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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
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Hi Preet,
As HR professionals, many of them don't know HR-related topics, authors, principles, etc. As an awakening initiative, I thought of starting an HR quiz that will emphasize only on HR-related topics. The procedure is as follows: I will start a question related to HR. The first person to answer the question correctly will have to post the next question, and it will continue in this manner. The person who gives the right answer will have to post a new question. The winner will be selected by the person who posted the question. He/she should select only the person who has posted the correct answer immediately after his/her question. The answer may be open-ended or objective type. For open-ended questions, try to answer as concisely as possible, preferably as a summary or abstract.
Let me start with the first one:
Maslow's Hierarchy Theory - Related to Motivation. However, it is interrelated to which of the following topics:
a) Training
b) Recruitment
c) Appraisal
d) Recognition
e) Combination of all
Please explain the theory briefly.
Now, I will wait for your answers. The first person who posts the correct answer will be selected by me. Then he/she can continue posting the next question.
My answer is "e."
Maslow's theory is also known as the need theory or step ladder theory. Maslow has explained it very well in a ladder format:
- Self-actualization
- Esteem needs
- Social needs
- Safety needs
- Physiological needs
To relate the theory and justify the answer "e", the first point of interaction for a talent is recruitment. If we fail to motivate the talent, it may be lost. Regarding the disadvantage of the theory, if the person is at any specific level or step, it is up to us to identify at which level or step they are and start the appropriate motivational process. Failing to identify the current level may lead to a failed motivation process. So, please identify the level before proceeding with any topic.
Preet
From India, Bangalore
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As HR professionals, many of them don't know HR-related topics, authors, principles, etc. As an awakening initiative, I thought of starting an HR quiz that will emphasize only on HR-related topics. The procedure is as follows: I will start a question related to HR. The first person to answer the question correctly will have to post the next question, and it will continue in this manner. The person who gives the right answer will have to post a new question. The winner will be selected by the person who posted the question. He/she should select only the person who has posted the correct answer immediately after his/her question. The answer may be open-ended or objective type. For open-ended questions, try to answer as concisely as possible, preferably as a summary or abstract.
Let me start with the first one:
Maslow's Hierarchy Theory - Related to Motivation. However, it is interrelated to which of the following topics:
a) Training
b) Recruitment
c) Appraisal
d) Recognition
e) Combination of all
Please explain the theory briefly.
Now, I will wait for your answers. The first person who posts the correct answer will be selected by me. Then he/she can continue posting the next question.
My answer is "e."
Maslow's theory is also known as the need theory or step ladder theory. Maslow has explained it very well in a ladder format:
- Self-actualization
- Esteem needs
- Social needs
- Safety needs
- Physiological needs
To relate the theory and justify the answer "e", the first point of interaction for a talent is recruitment. If we fail to motivate the talent, it may be lost. Regarding the disadvantage of the theory, if the person is at any specific level or step, it is up to us to identify at which level or step they are and start the appropriate motivational process. Failing to identify the current level may lead to a failed motivation process. So, please identify the level before proceeding with any topic.
Preet
From India, Bangalore
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Hi Sandeep,
Once again, you missed the opportunity and wasted two days by not posting the question. Instead, you should have informed us for someone else to post the question.
Now, I request John to continue or Lavanya to post the next question.
Preet
From India, Bangalore
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Once again, you missed the opportunity and wasted two days by not posting the question. Instead, you should have informed us for someone else to post the question.
Now, I request John to continue or Lavanya to post the next question.
Preet
From India, Bangalore
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Preet and John,
I'm so sorry. I was away for two days, so I couldn't post the question. I never thought my name would come up to post the question. Once again, apologies!! Lavanya, I think you can go ahead and post the question.
Regards,
Sandeep :)
From United Arab Emirates, Dubai
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I'm so sorry. I was away for two days, so I couldn't post the question. I never thought my name would come up to post the question. Once again, apologies!! Lavanya, I think you can go ahead and post the question.
Regards,
Sandeep :)
From United Arab Emirates, Dubai
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