Lumber Compliance
Lumberfi Inc., operating as Lumber, is deeply committed to serving as the premier Time Tracking and Payroll solution for the Construction industry. We maintain a diligent approach to reviewing and refining our time tracking and payroll processes, ensuring strict compliance with dynamic laws and regulations at the federal, state, and local levels. To achieve this, we collaborate closely with legal, risk, and payroll experts to validate and adapt to evolving requirements. Among the numerous laws and regulations we adhere to are:
- Fair Labor Standards Act (FLSA) (United States): The FLSA sets federal standards for minimum wage, overtime pay, recordkeeping, and youth employment. It requires accurate tracking of hours worked, including overtime, for non-exempt employees.
- State Labor Laws: In addition to federal laws, states may have their own labor laws regarding time tracking, minimum wage, and overtime pay. Employers must comply with both federal and state regulations, and when there are differences, they must follow the law that provides the greater benefit to the employee.
- Employee Privacy: Employers must balance the need to track employee time with respecting their privacy rights. Lumber platform clearly communicates time tracking policies to employees and obtains consent where necessary.
- Recordkeeping Requirements: Employers may be required to keep accurate records of employees' hours worked, including regular hours and overtime. These records may need to be retained for a certain period of time as dictated by law.
- Meal and Rest Breaks: Some jurisdictions require employers to provide employees with meal and rest breaks after certain hours worked. The Lumber Time Tracking system accounts for these breaks.
- Union Agreements: For employers with unionized workforces, Lumber’s time tracking and payroll policies are configurable to adhere to CBA(s) negotiated.
- Tax Withholding and Reporting: Employers are responsible for withholding federal, state, and local income taxes from employees' paychecks and remitting them to the appropriate tax authorities. Lumber Payroll solution reports wages and taxes withheld to the IRS and other tax agencies.
- Form W-2 Reporting: With Lumber Payroll solution, employers are able to provide employees with Form W-2, Wage and Tax Statement, by January 31 each year, reporting their annual wages and taxes withheld for the previous calendar year.
- Garnishments and Deductions: Lumber Payroll solution is compliant with garnishment laws and policies at a state and federal levels supporting withholding of wages for various purposes, such as child support payments or creditor garnishments.
- Recordkeeping Requirements: Lumber Payroll solution maintains accurate payroll records, including employee earnings, hours worked, taxes withheld, and other relevant information. These records are retained for a specified period as dictated by law. In addition, Lumber handles deductions for employee benefits from employee paychecks and ensures that contributions are distributed to the appropriate plans.
- State-specific Regulations: As dictated by some states, the Lumber Payroll solution fully supports requirements for paid sick leave, vacation pay, or final paycheck distribution upon termination.