The following are Frequently Asked Questions (FAQ) about WorkerFringe, prevailing wage, employee benefits, and other topics.
Yes. We can help you regardless of which accounting software you use.
Yes. Generally speaking, if greater than 5% of a company’s labor hours are spent on Prevailing Wage projects, enlisting our services will save you money.
Generally yes. We have customers throughout the region that do work all over the country.
Yes. To do so, however, you must follow all the requirements the law mandates.
Yes, and we can help you in setting one up so that you can take full credit for the fringes you provide.
The benefits which an employee receives are based on Employee Classification and Benefit Level.
Employee Classification is assigned to every employee and is based on job specifics, trade skill, and degree of responsibility. These classifications are by their very nature subjective, and are assigned by the appropriate company representative. Each employee should strive to advance to the next higher classification, as doing so equates to higher wages and additional Company benefits.
Benefit Level is assigned to each employee based solely on their length of service. An employee will move to the next higher Benefit Level (within their classification) automatically on the first payroll month following that particular time in service. Together, Employee Classification and Benefit Level determine what insurance the employee is eligible for, PTO Benefit Rate, 401k contribution eligibility, and other applicable fringe benefits.
The Benefit Bank is a means by which an employee can have a portion of the Prevailing Wage required fringe deposited into his Insurance Account in order to have funds available to maintain insurance coverage in the event of layoffs, seasonal work schedules, or personal insurance responsibilities.
A contractor may deduct, on the company’s tax return, prevailing wage and other employer contributions to a 401(k) Pension Plan. The IRS limits the amount of the deduction to 25% of total pay. To determinate total pay for the purposes of applying the limit, a contractor includes all pay of all employees who are eligible to participate in the 401(k) Pension Plan. If an employee is excluded from the plan for a particular purpose, then that employee’s pay may not be included for calculating the 25% limit. Employee elective wage deferral contributions do not count against the 25% limit.
About Advantage Resource
Advantage Resource was founded in 2002. Our main office is in Lexington, Kentucky.
Yes. We are a CVE-verified Service-Disabled Veteran-Owned Small Business (SDVOSB). Our Capability Statement is available here.
Yes. References are available upon request.