Retirement
This date is the IRS deadline for Safe Harbor 401ks and SIMPLE IRAs.
10/1
What are the 4 monopolistic states?
OH, WA, ND, WY.
How many states do we have a health solution in?
TRUE OR FALSE?
Can we sell stand alone TLM?
FALSE
A business owner can "double-dip" on this incentive by establishing and contributing to a 401k.
Tax Savings
In Florida, a construction company is required to have WC once they have how many employees?
1 w2.
What is a BOR? & please explain what it means.
Broker of Record - They have benefits already and they bring it over to ADP.
Per FLSA/DOL guidelines, how long must timecards be saved and on-site?
3 years.
These are the Four Rs of Retirement
Save for RETIREMENT, RECRUIT and RETAIN employees, REDUCE TAXES, and REQUIRED
ROLE PLAY !!!!!!!!!!
Construction Company out of FL ; 2 emp and 3 1099. Give me a warm T scenario explaining the benefits of WC.
COI - 2 parts -
part 1 - collect COI's from 1099's, if not, they have to be covered - ADP now does PBP for 1099's new 8/1
part 2 - REAL-TIME COI's can be pulled in RUN as needed.
Cash flow - eliminates the upfront premium payment or owing money come year-end. money movement is handled based off the rate and actual gross wages for year end audit.
ACCURACY/CONVENIENCE
ROLE PLAY !!!!!!!!!!!!!!!
Client is in TX and has health deductions for 5 employees. How can you pitch H&B to the client.
Touch base on ;
integration of H&B to our payroll system.
Convenience.
Service and Renewal. (explain this)
What can you leverage to sell TLM to a company with SALARY employees?
Tracking the PTO hours & PTO REQUEST.
ROLE PLAY - Pitch the 401k to an owner-only
Reduce personal tax liability, reduce business tax liability, move money from your business to your future, pay Uncle Sam less
PBP = Handles NY SDI PBP
No PBP = NY SDI direct bill.
NO PBP + No NY SDI = Deductions still being set up on run.
What are the core 5 lines of coverage H&B can offer?
1.) Medical
2.) Dental
3.) Vision
4.) life insurance
5.) Disability
ROLE PLAY !!!!
A client that has been in business 2 years has been keeping track of employees time via EXCEL. PITCH ME TLM to get a successful WARM T.
Automatically integrates into payroll.
Record Keeping ; coming up on that 3 year mark FLSA/DOL.
Takes responsibility off the owner. (time management.)