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Definition of FTE:
The total number of regular straight-time hours worked by employees divided by the number of compensable hours applicable to the fiscal year; most frequently used: 2,080 hours would be equal to one FTE (40 hours x 52 weeks = 2,080 hours).
Example: For the 2020 taxable year, an employer pays five employees wages for 2,080 hours each, three employees wages for 1,040 hours each, and one employee wages for 2,300 hours. The employer uses a method that counts hours actually worked. The employer’s FTEs would be calculated as follows:
1. 10,400 hours for the five employees paid for 2,080 hours (5 x 2,080)
2. 3,120 hours for the three employees paid for 1,040 hours (3 x 1,040)
3. 2,080 hours for the one employee paid for 2,300 hours (lesser of 2,300 and 2,080)
4. The total hours counted is 15,600 hours. The employer has seven FTEs (15,600 divided by 2,080 = 7.5, rounded to the next lowest whole number).
a. A private club or business that limits membership for reasons other than capacity
b. A government-owned business entity (except for businesses owned or controlled by a Native American tribe)
c. A business that derives at least 33% of its gross annual revenue from legal gambling activities, unless, subject to the Department’s approval, the business is a restaurant with gaming terminals
d. A business engaged in pyramid sales, where a participant's primary incentive is based on the sales made by an ever-increasing number of participants
e. A pay day lender
f. A residential landlord
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