In most real estate investing business models, motivated sellers remain the number one source of the most profitable deals. Successful real estate investing should therefore incorporate finding deals from motivated sellers and successfully closing them.
This article points out important areas you need to focus in your business.
The key sources of attracting motivated sellers are covered in a separate article. As soon as you identify a good deal, you must then secure and close the deal.
In my business, I get all my leads through my real estate investor website. Approximately half of them are submitted directly by the motivated sellers. The other half are entered by my virtual assistant who calls back motivated sellers who choose to use the phone, and she pre-screens them for me.
All the deals I receive are therefore pre-screened and pre-negotiated. I can therefore tell in a few minutes if I have a deal or not.
As soon as you identify a good deal, the next step is to make an appointment to go see the house. This is mainly because you must estimate repairs. A simple tour of 5 to 10 minutes is enough to estimate repairs.
You just need a rough estimate, you do not have to break it down to the nail.
You must make sure you sign the contract when you go to see the house - do not forget to take one with you.
You can always cancel the sale later if the numbers no longer look good.
If you like the deal, fax the contract to the title company so they can do title work for you. Always make sure you deliver or mail the earnest money to make the contract binding. Make sure that you deposit any earnest money with the title company, not with the seller.
The next steps in the process depend on your business model and what your exit strategy is:
1) Wholesale the deal If your exit strategy is to wholesale the deal to other real estate investors, this is when you market the deal to them. A good real estate investing website should also help you build a list of potential buyers automatically - then you just email your deal to them.
Once you identify the wholesale buyer, you then sign a contract with you as the seller if you plan to do a simultaneous closing. Alternatively, you can assign the contract for an assignment fee.
The title company will then do the closing and disburse all the money as agreed.
2) Lease option / Lease to own Your title company should conduct the closing if you plan to take over existing payments.
This is why it is important that you select a title company that works with real estate investors and understands various real estate investing business models.
3) Straight buy If you plan to buy fix and sell, or keep as a rental property, then this is a straight traditional transaction that any title company can close.
Other business models would follow similar steps; these 3 are just the main ones.
When all is said and done, your success in real estate investing, largely depends on the efficiency with which you pre-screen your leads, follow up with them to tie up the deal, and efficiently close the deal.
Wednesday, October 24, 2012
Thursday, October 18, 2012
Everyone Is Not Cut Out To Open A Bmw Dealership
Most people have ambitious dreams during their childhood. The sad news is that many of these dreams are forgotten or aborted once they become older. The good news is that sometimes the forgotten dreams are suddenly and surprisingly bought to the forefront. In many cases this is actually a good thing. In other cases, it probably would've been better if certain dreams stayed dead. That's because many people make the mistake of going after a desire or goal that they just flat out can't handle. This is how you get people auditioning for American Idol, who have no talent whatsoever. On an even smaller and more realistic scale, there are also people who try to do things like start their own BMW dealership without the necessary skills, knowledge and wherewithal. So, if anyone is thinking of starting one of these ventures, there are several things they should keep in mind.
For instance, in order to start a BMW dealership a person must be relatively wealthy or in other words rich. Having ,000 in the bank isn't enough. In fact, a person would need hundreds of thousands or at least a few million dollars handy. This is because the business owner must have enough funds to afford business overhead, employee salaries, insurance and much more.
Someone might say that people don't have to be rich to pursue this type of endeavor. All they really have to do is take out a loan. The question is how many people are getting approved for multi-million dollar loans these days? The average person wouldn't even think about asking for such a loan. That's because they realize that in order to be approved for something like that, they must already possess a great deal of wealth.
Another element that a prospective BMW dealership owner should have is a lot of background knowledge about the car industry. So, they will need to do some extensive studying an research, just to find out how the field actually works. This will give them a foundation to stand on. Without building this foundation, the person would be in jeopardy of sabotaging their own business.
Along with the aforementioned characteristics and elements, the prospective owner should also have common sense when it comes to the business side of things. They must also be able to control their compassionate side when necessary. In other words, they can't be so nice that they want to give away more cars or money than their bank account will allow. It's okay to be charitable, but it's not good to overdo it.
If anyone is thinking about opening their own BMW dealership, they may want to think again and seriously consider whether or not they are cut out for the job.
For instance, in order to start a BMW dealership a person must be relatively wealthy or in other words rich. Having ,000 in the bank isn't enough. In fact, a person would need hundreds of thousands or at least a few million dollars handy. This is because the business owner must have enough funds to afford business overhead, employee salaries, insurance and much more.
Someone might say that people don't have to be rich to pursue this type of endeavor. All they really have to do is take out a loan. The question is how many people are getting approved for multi-million dollar loans these days? The average person wouldn't even think about asking for such a loan. That's because they realize that in order to be approved for something like that, they must already possess a great deal of wealth.
Another element that a prospective BMW dealership owner should have is a lot of background knowledge about the car industry. So, they will need to do some extensive studying an research, just to find out how the field actually works. This will give them a foundation to stand on. Without building this foundation, the person would be in jeopardy of sabotaging their own business.
Along with the aforementioned characteristics and elements, the prospective owner should also have common sense when it comes to the business side of things. They must also be able to control their compassionate side when necessary. In other words, they can't be so nice that they want to give away more cars or money than their bank account will allow. It's okay to be charitable, but it's not good to overdo it.
If anyone is thinking about opening their own BMW dealership, they may want to think again and seriously consider whether or not they are cut out for the job.
Sunday, October 14, 2012
Claiming Newport Beach Boat Slips In Newport Beach Harbor
Newport Beach Harbor has some of the most expensive real estate in California, if not most of the world. It is certainly one of the most popular places for small yachts, with over 9,000 berthed here, but despite its wealth and popularity it is still a quiet, relaxed place with a friendly feel to it.Anyone with a small yacht around here will know how difficult it can be to find any suitable Newport Beach boat slips. Space is scarce and even slips with the most basic facilities are expensive, so it is important that any owner knows what they want before deciding on which slip to use.
Location is one of the main considerations. Seven islands make up the Newport Beach Harbor area, and all have advantages and disadvantages. Some are more expensive than others, some are less convenient to get to. If you are a frequent sailor then you might want a location close by and easy to get in and out of, while someone who only uses their boat once a year may choose a cheaper but less convenient slip.
The facilities available at each Newport Beach boat slip also need to be considered carefully. Every yacht owner has different needs in this regard, and it is important to find as close a match as possible. There is no point either paying for services that will not be used, or in renting a cheaper berth that does not have the facilities that are needed.
Some of the marinas offer managed services for yachts, and the best of the marinas allow these services to be tailored according to need. The companies based here have everything that any yacht owner could possibly need, and the owners are free to choose which of the facilities and services they use. One owner will want to have their yacht maintained for them, for example, while another will wish to do all the work themselves. Some will want to crew their boats themselves, while others will hire a captain or crew.Whatever your boating needs are, you can be sure that someone in Newport Beach Harbor will be able to meet them. If you can't find it here, the chances are you won't find it anywhere.
Location is one of the main considerations. Seven islands make up the Newport Beach Harbor area, and all have advantages and disadvantages. Some are more expensive than others, some are less convenient to get to. If you are a frequent sailor then you might want a location close by and easy to get in and out of, while someone who only uses their boat once a year may choose a cheaper but less convenient slip.
The facilities available at each Newport Beach boat slip also need to be considered carefully. Every yacht owner has different needs in this regard, and it is important to find as close a match as possible. There is no point either paying for services that will not be used, or in renting a cheaper berth that does not have the facilities that are needed.
Some of the marinas offer managed services for yachts, and the best of the marinas allow these services to be tailored according to need. The companies based here have everything that any yacht owner could possibly need, and the owners are free to choose which of the facilities and services they use. One owner will want to have their yacht maintained for them, for example, while another will wish to do all the work themselves. Some will want to crew their boats themselves, while others will hire a captain or crew.Whatever your boating needs are, you can be sure that someone in Newport Beach Harbor will be able to meet them. If you can't find it here, the chances are you won't find it anywhere.
Friday, October 12, 2012
Great School Fundraising Ideas
Are you looking for great fundraising ideas for middle school? Perhaps you and your classmates have been assigned to plan for a fundraising event. If this is your situation, then you came across the right article! This article aims to provide you great fundraising ideas for middle school students that you and your classmates can try. So if you want to learn more about great fundraising ideas for middle school, then read on to this article to know the further details.
There are a lot of great fundraising ideas for middle school that are being used by students to raise money for their needs. Since the school budget is generally allocated for education, there are times when students cannot buy their miscellaneous needs such as sports team uniforms, dance studio facilities, laboratory equipment, new projectors, microphones, sports utilities and many more. That is why a lot of students are looking for great fundraising ideas for middle school.
One of the best fundraising ideas for middle school that you and you class try is organizing a school musicale. All you have to do is to collaborate with the drama club, dance club and choir and decide on a great musicale idea that they can perform. This fundraising event works best during special occasions such as Christmas and Valentine's Day because people are usually seeking lively entertainments during these times. You can print posters and place an ad on a local newspaper to gain more publicity for your event. You can also set up some photo souvenir booth and snack corner on the event's venue to raise additional profits.
Another classic on the list of fundraising ideas for middle school that you can try is selling of cookies, cakes, flowers and cards. This fundraising idea works best during Valentine's Day because a lot of people are sending notes and small gifts to their friends and loved ones. You can also offer delivery services, personal messages and even serenades in addition to the gift that the customer bought. This fundraising idea will surely become a major hit.
Environmental fundraising projects are also gaining popularity nowadays. You can organize a Plant a Tree event where participants will be able to help create a greener place to live in. You can also put up some photo souvenir booths and snack corners on the event's venue to raise additional profits. This is a great fundraising idea because it does not only help mother earth; it also promotes camaraderie, environmental awareness and fun among participants.
Lastly, you can organize a family day event at your school wherein participants will be able to have a bonding time with their families and will have the chance to win prizes on the bingo and raffle promos. You can also have games and souvenir booths on the event's venue. You can contact some companies for sponsorship of the event that you are going to organize. By working with sponsors, you will have more money to improve the event and you will have a share on the sponsor's profit on the fundraising event.
There are a lot of great fundraising ideas for middle school that are being used by students to raise money for their needs. Since the school budget is generally allocated for education, there are times when students cannot buy their miscellaneous needs such as sports team uniforms, dance studio facilities, laboratory equipment, new projectors, microphones, sports utilities and many more. That is why a lot of students are looking for great fundraising ideas for middle school.
One of the best fundraising ideas for middle school that you and you class try is organizing a school musicale. All you have to do is to collaborate with the drama club, dance club and choir and decide on a great musicale idea that they can perform. This fundraising event works best during special occasions such as Christmas and Valentine's Day because people are usually seeking lively entertainments during these times. You can print posters and place an ad on a local newspaper to gain more publicity for your event. You can also set up some photo souvenir booth and snack corner on the event's venue to raise additional profits.
Another classic on the list of fundraising ideas for middle school that you can try is selling of cookies, cakes, flowers and cards. This fundraising idea works best during Valentine's Day because a lot of people are sending notes and small gifts to their friends and loved ones. You can also offer delivery services, personal messages and even serenades in addition to the gift that the customer bought. This fundraising idea will surely become a major hit.
Environmental fundraising projects are also gaining popularity nowadays. You can organize a Plant a Tree event where participants will be able to help create a greener place to live in. You can also put up some photo souvenir booths and snack corners on the event's venue to raise additional profits. This is a great fundraising idea because it does not only help mother earth; it also promotes camaraderie, environmental awareness and fun among participants.
Lastly, you can organize a family day event at your school wherein participants will be able to have a bonding time with their families and will have the chance to win prizes on the bingo and raffle promos. You can also have games and souvenir booths on the event's venue. You can contact some companies for sponsorship of the event that you are going to organize. By working with sponsors, you will have more money to improve the event and you will have a share on the sponsor's profit on the fundraising event.
Tuesday, October 9, 2012
The Different Types Of Jobs In Banking
Those interested in the field will find that there are many different jobs in the banking industry. For instance, you could work for a prominent commercial bank or a small regional bank. There are also savings banks, credit unions and online banking institutions that offer employment opportunities. To give you a better idea of what is available, we have listed some of the most common jobs in the banking industry.
Bank Tellers
It's no surprise that bank teller positions make up 67% of all banking jobs. Aside from the usual tasks of cashing and depositing checks, people working in these positions are currently being trained to sell various banking products to consumers.
Customer Service
As a customer service representative, employees assist consumers with their accounts and resolve complaints via phone or email. The representatives must be thoroughly trained on any products offered by the bank, giving them the knowledge to explain and sell them to customers.
Loan Officers
A loan officer's job involves reviewing and submitting a lot of paperwork. These employees assist potential borrowers with loan applications and then take numerous measures to verify that information. This may include contacting employers, credit card companies, previous lenders and so forth. While loan officers often sell products to banking customers, they generally specialize in consumer, commercial or mortgage leading areas.
Clerical Workers
Banks employ clerical workers to process transactions and also in collections departments as receptionists and secretaries. Administrative assistants typically manage the clerical workers and report directly to bank executives.
Financial Manager
One of the most lucrative jobs inside of the branch is a financial manager. This position calls for one person to oversee the branch's operation, assist clients when in need and counsel customers.
Bank Tellers
It's no surprise that bank teller positions make up 67% of all banking jobs. Aside from the usual tasks of cashing and depositing checks, people working in these positions are currently being trained to sell various banking products to consumers.
Customer Service
As a customer service representative, employees assist consumers with their accounts and resolve complaints via phone or email. The representatives must be thoroughly trained on any products offered by the bank, giving them the knowledge to explain and sell them to customers.
Loan Officers
A loan officer's job involves reviewing and submitting a lot of paperwork. These employees assist potential borrowers with loan applications and then take numerous measures to verify that information. This may include contacting employers, credit card companies, previous lenders and so forth. While loan officers often sell products to banking customers, they generally specialize in consumer, commercial or mortgage leading areas.
Clerical Workers
Banks employ clerical workers to process transactions and also in collections departments as receptionists and secretaries. Administrative assistants typically manage the clerical workers and report directly to bank executives.
Financial Manager
One of the most lucrative jobs inside of the branch is a financial manager. This position calls for one person to oversee the branch's operation, assist clients when in need and counsel customers.
Monday, October 1, 2012
Trading Exotic Currencies- Five Aspects To Know Prior to Trading
You can beat the average return if you trade forex judiciously. Major currencies like USD, GBP, EUR, JPY, CHF etc constitute the majority of the volume of currency trading. There are some pairs with one currency from the majors like above and the second currency in the pair is usually from developing countries from Asia, Africa, the Pacific and Middle East. These are called exotic currencies. Exotic pairs are considered to be riskier than the majors. They have higher spread making the trade expensive. They trade in thin market. But that doesn't mean that you can't trade such currencies. If you understand the risk you are taking, you can get excellent profits trading exotic pairs.
Exploit the High Volatility
If you are a trader, you can make the most of your fortune from the volatility. An average trader gets scared of volatility. But volatile market excites an experienced trader. Exotic currencies are very volatile. If you have a significant experience of trading the currencies, then exotic pairs will present you some opportunities which will give you a long runner. They tend to move quickly. They make bigger moves than the major currencies. If you are good at handling such moves, you can trade these currencies with ease and confidence.
Trend Is Your Best Friend
As a trader you will do a lot better if you trade with the trend. Big winners can easily be spotted if you develop the skills to spot the trend sooner. Exotic currencies move fiercely when they are set in a trend. Compared to majors, these currencies make one sided move for a long time. If you are willing to take the risk they posses, you will get excellent reward when a trend is set up. Spotting the trend comes to you when you have spent some time with the charts. So trading these pairs are definitely for the newbie.
Exotic Pairs Print Clear Charts
The charts of exotic currencies are very clear in terms of trend. Charts reveal the story easily. Exotic pairs don't get stuck in the consolidation area for too long. Get your basics with the chart in place and you are good to go with these currencies.
Trade Commodities Indirectly
Many of these pairs are correlated to commodities like gold and oil. Currencies of countries with large oil production of oil like Norway, Mexico, and Russia move in tandem. South African Rand is closely tied with gold as it is one of the major producers of gold. You can get exposure to these commodities with the help of exotic pairs.
Diversify Your Investment
In addition to these short term advantages, trading exotic pairs gives other benefits. It helps you spread the risk by adding one more financial asset to your portfolio. If you are overweight in developed countries, you can reduce your dependence by introducing the exotic pairs in your portfolio.
If you get scared when you are in drawdown; exotic currencies may not be your game. You should understand the risks involved in this play. The best way to start is to trade virtually till you get comfortable. If you go this way, you can print money at will.
Exploit the High Volatility
If you are a trader, you can make the most of your fortune from the volatility. An average trader gets scared of volatility. But volatile market excites an experienced trader. Exotic currencies are very volatile. If you have a significant experience of trading the currencies, then exotic pairs will present you some opportunities which will give you a long runner. They tend to move quickly. They make bigger moves than the major currencies. If you are good at handling such moves, you can trade these currencies with ease and confidence.
Trend Is Your Best Friend
As a trader you will do a lot better if you trade with the trend. Big winners can easily be spotted if you develop the skills to spot the trend sooner. Exotic currencies move fiercely when they are set in a trend. Compared to majors, these currencies make one sided move for a long time. If you are willing to take the risk they posses, you will get excellent reward when a trend is set up. Spotting the trend comes to you when you have spent some time with the charts. So trading these pairs are definitely for the newbie.
Exotic Pairs Print Clear Charts
The charts of exotic currencies are very clear in terms of trend. Charts reveal the story easily. Exotic pairs don't get stuck in the consolidation area for too long. Get your basics with the chart in place and you are good to go with these currencies.
Trade Commodities Indirectly
Many of these pairs are correlated to commodities like gold and oil. Currencies of countries with large oil production of oil like Norway, Mexico, and Russia move in tandem. South African Rand is closely tied with gold as it is one of the major producers of gold. You can get exposure to these commodities with the help of exotic pairs.
Diversify Your Investment
In addition to these short term advantages, trading exotic pairs gives other benefits. It helps you spread the risk by adding one more financial asset to your portfolio. If you are overweight in developed countries, you can reduce your dependence by introducing the exotic pairs in your portfolio.
If you get scared when you are in drawdown; exotic currencies may not be your game. You should understand the risks involved in this play. The best way to start is to trade virtually till you get comfortable. If you go this way, you can print money at will.
Sunday, September 30, 2012
Payroll South Carolina, Unique Aspects of South Carolina Payroll Law and Practice
The South Carolina State Agency that oversees the collection and reporting of State income taxes deducted from payroll checks is:
Department of Revenue
P.O. Box 125
Columbia, SC 29214
(803) 898-5300
www.sctax.org
South Carolina allows you to use the Federal W-4 form to calculate state income tax withholding.
Not all states allow salary reductions made under Section 125 cafeteria plans or 401(k) to be treated in the same manner as the IRS code allows. In South Carolina cafeteria plans are not taxable for income tax calculation; not taxable for unemployment insurance purposes. 401(k) plan deferrals are not taxable for income taxes; taxable for unemployment purposes.
In South Carolina supplemental wages are taxed at a 7% flat rate.
You must file your South Carolina State W-2s by magnetic media if you are have more than 25 employees and are required to file your federal W-2s by magnetic media.
The South Carolina State Unemployment Insurance Agency is:
Employment Security Commission
1550 Gadsden St.
P.O. Box 995
Columbia, SC 29201
(803) 737-3070
www.sces.org/ui/index.htm
The State of South Carolina taxable wage base for unemployment purposes is wages up to ,000.00.
South Carolina requires Magnetic media reporting of quarterly wage reporting if the employer has at least 250 employees that they are reporting that quarter.
Unemployment records must be retained in South Carolina for a minimum period of five years. This information generally includes: name; social security number; dates of hire, rehire and termination; wages by period; payroll pay periods and pay dates; date and circumstances of termination.
The South Carolina State Agency charged with enforcing the state wage and hour laws is:
Department of Labor, Licensing and Regulations
Office of Labor Services
P.O. Box 11329
3600 Forest Drive
Columbia, SC 29211-1329
(803) 734-4295
www.llr.state.sc.us/
There is no provision for minimum wage in the State of South Carolina.
There is also no general provision in South Carolina State Law covering paying overtime in a non-FLSA covered employer.
South Carolina State new hire reporting requirements are that every employer must report every new hire and rehire. The employer must report the federally required elements of:
Employee's name
Employee's address
Employee's social security number
Employer's name
Employers address
Employer's Federal Employer Identification Number (EIN)
This information must be reported within 20 days of the hiring or rehiring.
The information can be sent as a W4 or equivalent by mail, fax or electronically.
There is a .00 penalty for a second offense late report and 0 for conspiracy in South Carolina.
The South Carolina new hire-reporting agency can be reached at 888-454-5294 or 803-898-9235 or on the web at www.state.sc.us/dss/csed/newhire.htm
South Carolina does allow compulsory direct deposit but the employee's choice of financial institution must meet federal Regulation E regarding choice of financial institutions.
South Carolina requires the following information on an employee's pay stub:
Gross and Net Earnings
itemized deductions
South Carolina requires that employee be paid as designated by employer.
In South Carolina there are no statutory requirements concerning the lag time between when the services are performed and when the employee must be paid.
South Carolina payroll law requires that involuntarily terminated employees must be paid their final pay with in 48 hours or next regular payday (no more than 30 days). Voluntarily terminated employees must be paid their final pay within 48 hours or by the next regular payday (no more than 30 days).
There is no provision in South Carolina law concerning paying deceased employees.
Escheat laws in South Carolina require that unclaimed wages be paid over to the state after one year.
The employer is further required in South Carolina to keep a record of the wages abandoned and turned over to the state for a period of 10 years.
There is no provision in South Carolina law concerning tip credits against State minimum wage.
In the South Carolina payroll law there is no provision covering required rest or meal periods.
South Carolina statute requires that wage and hour records be kept for a period of not less than three years. These records will normally consist of at least the information required under FLSA.
The South Carolina agency charged with enforcing Child Support Orders and laws is:
Child Support Enforcement Division
Department of Social Services
P.O. Box 1469
Columbia, SC 29202-1469
(800) 768-5858
www.state.sc.us/dss/csed/
South Carolina has the following provisions for child support deductions:
When to start Withholding? Next pay period after service.
When to send Payment? Within 7 days of Payday.
When to send Termination Notice? Within 20 days of termination.
Maximum Administrative Fee? per payment.
Withholding Limits? Federal Rules under CCPA.
Please note that this article is not updated for changes that can and will happen from time to time.
Department of Revenue
P.O. Box 125
Columbia, SC 29214
(803) 898-5300
www.sctax.org
South Carolina allows you to use the Federal W-4 form to calculate state income tax withholding.
Not all states allow salary reductions made under Section 125 cafeteria plans or 401(k) to be treated in the same manner as the IRS code allows. In South Carolina cafeteria plans are not taxable for income tax calculation; not taxable for unemployment insurance purposes. 401(k) plan deferrals are not taxable for income taxes; taxable for unemployment purposes.
In South Carolina supplemental wages are taxed at a 7% flat rate.
You must file your South Carolina State W-2s by magnetic media if you are have more than 25 employees and are required to file your federal W-2s by magnetic media.
The South Carolina State Unemployment Insurance Agency is:
Employment Security Commission
1550 Gadsden St.
P.O. Box 995
Columbia, SC 29201
(803) 737-3070
www.sces.org/ui/index.htm
The State of South Carolina taxable wage base for unemployment purposes is wages up to ,000.00.
South Carolina requires Magnetic media reporting of quarterly wage reporting if the employer has at least 250 employees that they are reporting that quarter.
Unemployment records must be retained in South Carolina for a minimum period of five years. This information generally includes: name; social security number; dates of hire, rehire and termination; wages by period; payroll pay periods and pay dates; date and circumstances of termination.
The South Carolina State Agency charged with enforcing the state wage and hour laws is:
Department of Labor, Licensing and Regulations
Office of Labor Services
P.O. Box 11329
3600 Forest Drive
Columbia, SC 29211-1329
(803) 734-4295
www.llr.state.sc.us/
There is no provision for minimum wage in the State of South Carolina.
There is also no general provision in South Carolina State Law covering paying overtime in a non-FLSA covered employer.
South Carolina State new hire reporting requirements are that every employer must report every new hire and rehire. The employer must report the federally required elements of:
Employee's name
Employee's address
Employee's social security number
Employer's name
Employers address
Employer's Federal Employer Identification Number (EIN)
This information must be reported within 20 days of the hiring or rehiring.
The information can be sent as a W4 or equivalent by mail, fax or electronically.
There is a .00 penalty for a second offense late report and 0 for conspiracy in South Carolina.
The South Carolina new hire-reporting agency can be reached at 888-454-5294 or 803-898-9235 or on the web at www.state.sc.us/dss/csed/newhire.htm
South Carolina does allow compulsory direct deposit but the employee's choice of financial institution must meet federal Regulation E regarding choice of financial institutions.
South Carolina requires the following information on an employee's pay stub:
Gross and Net Earnings
itemized deductions
South Carolina requires that employee be paid as designated by employer.
In South Carolina there are no statutory requirements concerning the lag time between when the services are performed and when the employee must be paid.
South Carolina payroll law requires that involuntarily terminated employees must be paid their final pay with in 48 hours or next regular payday (no more than 30 days). Voluntarily terminated employees must be paid their final pay within 48 hours or by the next regular payday (no more than 30 days).
There is no provision in South Carolina law concerning paying deceased employees.
Escheat laws in South Carolina require that unclaimed wages be paid over to the state after one year.
The employer is further required in South Carolina to keep a record of the wages abandoned and turned over to the state for a period of 10 years.
There is no provision in South Carolina law concerning tip credits against State minimum wage.
In the South Carolina payroll law there is no provision covering required rest or meal periods.
South Carolina statute requires that wage and hour records be kept for a period of not less than three years. These records will normally consist of at least the information required under FLSA.
The South Carolina agency charged with enforcing Child Support Orders and laws is:
Child Support Enforcement Division
Department of Social Services
P.O. Box 1469
Columbia, SC 29202-1469
(800) 768-5858
www.state.sc.us/dss/csed/
South Carolina has the following provisions for child support deductions:
When to start Withholding? Next pay period after service.
When to send Payment? Within 7 days of Payday.
When to send Termination Notice? Within 20 days of termination.
Maximum Administrative Fee? per payment.
Withholding Limits? Federal Rules under CCPA.
Please note that this article is not updated for changes that can and will happen from time to time.
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