Managing payroll can be a complex affair that demands a lot of effort, documentation, and tracking. The ever-changing rules and guidelines have made the modern payroll management landscape more complicated than ever. As a result, errors arise that could result in delays in payments for employees, which may hurt businesses and prove costly for owners. To manage payroll processes more effectively, take a look at some common payroll mistakes and simple ways to avoid them.  Misclassifying employees and contractors  Every business must carefully categorize its employees (as employees or independent contractors) to dock the right pay. Errors while doing this result in having to look through old payment records to make adjustments to employee pay. It could lead to dissent among the team and cost the business. Moreover, according to the Fair Labor Standards Act (FLSA), all employees must get overtime pay for any hours worked over 40 hours per week unless they are explicitly classified as exempt. Making errors here could lead to FLSA-related fines for employers. To manage this, hire reputed payroll service providers and avoid listing freelancers as employees. Only hire contractors and freelancers through leasing companies to avoid any penalties for misclassification. Making calculation errors Making errors in payroll calculations can also cost businesses money and labor.

An annuity is a contract that binds the insurer to make a series of payments at regular intervals. They can be a valuable investment tool, especially for one’s retirement. However, people may make many mistakes when signing up for these, causing them to pay big sums in interest or deal with losses. Read on to find out more about nine common annuity mistakes people make and how to avoid them. Choosing the wrong insurance provider/annuity Investors can choose between five basic annuities – fixed dollar amount, inflation-adjusted, variable, guaranteed minimum withdrawal benefit, and guaranteed lifetime withdrawal benefits. Each of these has its own pros and cons, and choosing the right type is important to meet one’s financial or investment goals. Additionally, investors also need to pay close attention to the insurance company. These policies must only be purchased from highly reputable companies with a solid financial strength rating. Overlooking the costs Annuities are an expensive investment; failing to pay attention to the fine print when signing up could result in major losses. Just like other retirement tools, annuities too have associated fees, charges, and commissions. Most commonly, these include mortality and expense fees, administrative fees, surrender charges, investment management fees, and charges for optional riders.

Embarking on a sea cruise is a fabulous way to spend holidays with family and friends. Such a trip combines the very best of sun, sand, surf, and seafood to provide a relaxing experience. Unwinding on a luxury vessel away from the daily grind will put your mind at ease. However, a few things should be considered to ensure your holiday goes smoothly. Here are 10 mistakes to avoid while on a cruise ship: Not following the ship’s rules Every ship has a code of conduct that requires passengers to be on their best behavior and not undertake activities that could endanger their own lives and those of fellow passengers. Breaking this code of conduct could mean that the cruise staff is entitled to disembark you at the next port. For example, certain areas of the ship, such as the engine room, are only accessed by the technical crew and not passengers. Respect this rule to ensure your safety and that of others. Being rude to the crew and passengers Traveling on a cruise ship involves being in close quarters with a large number of people with varying personalities. In such circumstances, petty disagreements have the potential of blowing out of proportion.