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What are Leased Employees?
A Leased Employee is one that is leased from Friday People. They work in your office but are employed by Friday People. You recruit, hire, train, monitor, dismiss and most all other functions of a standard employer. Friday People is the paymaster and benefits coordinator.
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Why Lease Employees?
Convenience is a main reason. You write one check for all of your leased employee’s compensation per payroll. Friday People calculates all withholdings and taxes, pays the employee, pays all the taxes and files all the employment forms.
Benefits are another reason. Friday People offer a comprehensive Medical, Dental and Vision plan as well as Disability and Life Insurance. Current cost of this benefit plan is 400/month. Friday People also offers a retirement plan in the form of a Simple IRA.
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What does a Leased Employee cost?
Billing is a function of the wages paid plus 17% which covers Federal and State taxes and the profit margin. Benefits, if participating, are billed in addition. Funding of the payroll is done one week prior to payroll. Payrolls are every other Friday.
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