Posts Tagged: Wage and Payroll Expenses

The Largest Jury Award in the History of the EOE

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This article presents a “Dickensian” story about Atalissa, Iowa and the largest jury award in the history of the Equal Employment Opportunity Commission. Questions: 1. What was the amount of the awarded damages? Why was the amount reduced? 2. If or when Henry’s Turkey Service pays the judgment for damages and back pay, how would… Read more »

No Symbolic Message of Contrition for Jamie Dimon

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What a difference a year makes for Jamie Dimon! Last year, he had half of his paycheck cut to a measley $11.5 million for an embarrassing multi-million dollar trading blowup that resulted in $1 billion in fines. This year, after Chase paid the feds $20 billion in penalties for transgressions committed on Dimon’s watch, JPMorgan’s… Read more »

Do you really have a 2nd job?

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This is an interesting fraud that took place at the Environmental Protection Agency (EPA). John Beale, a retired, former EPA employee, collected paychecks from approximately the year 2000 through 2013 even though he had absence totaling about 2 1/2 years. What was his alibi? He claimed falsely that he was simultaneously working undercover in special… Read more »

Would you prefer a payroll card to direct deposit?

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More and more American workers are facing fees before they are able to access their wages on payday. Why? Prepaid cards have been issued by their employers to replace direct deposit or paper paychecks. Questions: 1. Who are some of the well-known companies using these prepaid cards? Why is the New York attorney general getting… Read more »

Saving Money in the Court System Leads to Problems

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According to Lisa Borden, an attorney in Birmingham, Alabama, many towns are so economically strapped, that the pressure is growing on courts to bring in more money rather than mete out justice. In this article, examples highlight aggressive tactics used by for-profit probation companies that promise revenue to the towns, while failing to offer constitutional… Read more »

Would you like to know what everyone in your company makes?

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Intermediate Accounting.

Boulder-based Namasté Solar, a Solar panel installation company, may be on the cutting edge of business practices by letting employees know what their co-workers are being paid. In addition to bi-annual retreats and a voting system for employees that counts the opinion of nearly everyone in the company, each employee receives equal bonuses. Questions: 1…. Read more »

Power to the Employees

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While it is traditionally rare for employee-shareholders to exercise their voting power, the winds may be shifting. According to Morgenson, employee-shareholders are banding together to vote against executive pay in this proxy season. Although she is not sure what actual impact their votes had, at Citigroup, shareholders as a group voted down the $15 million… Read more »

Bonuses, Anyone?

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Alan Johnson is among a small group of behind-the-scenes information brokers who help determine how Wall Street firms distribute billions of dollars to their workers. He operates as a compensation consultant in an obscure corner of the management consulting industry and in the shadows of high finance. Questions: 1. What was the most interesting thing… Read more »

Shadow Work: How does it affect the Economy?

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Shadow work is a term coined 30 years ago by the Austrian philosopher and social critic Ivan Illich. For Dr. Illich, shadow work was all the unpaid labor — including, for example, housework — done in a wage-based economy. The conventional wisdom is that America has become a “service economy,” but actually, in many sectors,… Read more »

Huge job cuts – Bank of America

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Bank of America, trying to break free from a pile of bad mortgages and a sagging stock price, announced plans to lay off 30,000 employees over the next few years. In a statement Monday, the bank said its goal is “not a given number of job reductions,” but to focus “all of its resources on… Read more »