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Learning More About Prevailing Wage Fringe Benefits

As a public contractor meaning that you have won a project from the government, there are certain regulations you have to meet in terms of prevailing wage fringe benefits. You will have to offer fringe benefits to all your workers. Offering the fringe benefits qualifies you for tax incentives from the government as well. When we speak about fringe benefits, you will be offering your employees compensation beyond the stated wage or salary. There is an Act in place that guards the prevailing wage fringe benefits that you require to follow to avoid any legal issues. This is one method that is used to ensure that contractors do not low-ball their proposed costs for the construction projects in the expense of the wages they pay to workers.

As a contractor, you require to pay prevailing wages to the workers in excess of a stated amount as per the law. The fringe benefits you are rewire to pay in excess of the wages can be paid as paid as part of the wages. You can as well choose to pay these in forms of funded vacation, life and heath insurance and apprenticeship program among others. You have to choose one that will work best for you as a contractor.

When you decide to pay as part of the wages, it will be more simpler but you might be adding to the payroll taxes you pay which will add a cost to you as the contractor. This is why you are advised to pay the fringe benefits as a bonafide benefits plan to the employees. Here, you will have the benefit of total tax exemption of the fringe benefits you pay which reduces the payroll taxes you pay. If you want to get it all right and meet the compliance needs of the prevailing wage fringe benefits, you can choose work with the right consultancy agency.

This is where you will get the help in calculating the fringe benefits and guiding you in how to comply. You have to ensure that you work with a contractors consultancy agency that best understands the rules of in your state. This is because there are various states that have prevailing wage fringe benefits rules that vary with those of states. Therefore, you have to look for one that has been operating in your area for a long while. They should have worked with many contractors in the past in the area if prevailing wage fringe benefits.

This way, you are assured of a service that will best meet your needs. You also have to look at the satisfaction level of the past clients of the agency you what to hire to assist you with prevailing wage fringe benefits compliance. You should see to it that you hire a firm that has many contractors they have worked with and who speak on how the services were of great caliber. This way, you are sure that you will at any given time be compliant with the regulations provided.

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