With 2013 coming to an end, now is the time to show your employees how much you appreciate their hard work and dedication to your dental practice. A great way to do this is to review with them all the benefits they have the opportunity to receive. While your employees may be aware of them, these benefits can be easily overlooked.
What Benefits Should I Share?
Provide your employees with an actual accounting of benefits that they received throughout the year. Your accountant should be able to help gather a list of benefits by employee. The list may seem long, but there are advantages to sharing this information with your employees. It gives them a better understanding of what the actual cost is for running your dental practice. Also, it allows them to see other ways you are supporting them besides a pay check.
The benefits that you are paying may include:
- Regular salary or hourly wages
- Bonuses paid
- Amount of paid vacation and sick/personal days
- Social security and Medicare taxes paid by the practice
- Federal unemployment tax
- State unemployment tax
- Profit sharing match and contribution
- Health insurance paid
- Uniforms purchased by the practice
- Continuing education expenses
- Other insurances such as disability or malpractice
Contact Our Dental Practice Professionals
Employees not only take home a pay check but they also receive benefits that they never think about. Sharing this information will let them know about the many benefits they receive. Not sure what is the best way to share this information with your employees? Contact Rea & Associates. Our team of bright Dental CPAs can work with you to determine the best strategy for your dental practice.