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McCRACKEN COUNTY SCHOOLS Staff Notes ITEM: Revision to 20102011 Salary Schedule for Classified Hourly Personnel APPLICABLE BOARD OF EDUCATION POLICY, ADMINISTRATIVE REGULATION OR STATUTE: KRS 161.158
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Compensation and benefits refer to the total rewards and incentives provided to employees in exchange for their work, including salaries, wages, bonuses, health insurance, retirement plans, and other perks.
Employers who provide compensation and benefits to their employees are generally required to file compensation and benefits forms with relevant tax authorities.
To fill out compensation and benefits forms, employers need to gather employee compensation data, include details about benefits provided, and complete the forms according to the guidelines set by the tax authority.
The purpose of compensation and benefits is to attract, motivate, and retain employees, ensuring they are fairly compensated for their contributions while also complying with legal and tax obligations.
Employers must report information including employee salaries, bonuses, health benefits, retirement contributions, and any other forms of compensation provided during the reporting period.
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