Business Management Daily

AUGUST 31, 2023

Expenses that could previously be deducted on an employee’s tax return may no longer qualify, and relocation benefits that previously could be paid out without counting towards a taxpayer’s income may now result in higher tax liabilities. Can employees deduct their moving expenses? What is a relocation reimbursement?

Taxes 98

Taxes Deductible Deductions Bonuses 98

Best Money Moves

DECEMBER 9, 2024

Here are the most important benefits your company needs in 2025. According to Mercers Survey on health & benefit strategies for 2025 , almost 70% of surveyed companies are or are planning to offer financial wellness programs in their benefits package next year. These benefits trends will continue going into 2025.

roth 401(k) 52

roth 401(k) 401(k) Benefits Package Paid Leave 52

WEX Inc.

NOVEMBER 14, 2024

You must be enrolled in a high-deductible health plan (HDHP) to be eligible, which lowers you insurance premiums. Health savings accounts have a triple-tax advantage, meaning distributions for qualified medical expenses and investment returns are tax-free, and contributions are tax-deductible.

401(k) 98

401(k) Flexible Spending Account Health Savings Account Flexible Spending 98

WEX Inc.

OCTOBER 9, 2024

It’s time to clarify the ins and outs of these tax-saving healthcare accounts and answer some HSA and FSA FAQs. Both allow employees to set aside pre-tax funds to cover qualified medical expenses, but that’s where most of the similarities end. Contributions are tied to enrollment in a high-deductible health plan (HDHP).

Flexible Spending Account 95

Flexible Spending Account Health Savings Account Flexible Spending Taxes 95

PeopleStrategy

APRIL 18, 2022

If you are running your own small business, then chances are that taxes are one your biggest expenses. Although having a good tax plan is place is an effective strategy, you can save more money for your business with our small business tax tips. Here are some useful ideas that can help you reduce your business taxes in 2022.

Taxes 52

Taxes Deductible Deductions Entertainment 52

Business Management Daily

AUGUST 30, 2024

The cafeteria-plan rules require employees to designate their pretax deductions before the start of the plan year. For calendar-year plans, employees will be making changes very soon for the 2025 plan year. Employees taking FMLA leave Whether employees can change their pretax deductions while they’re on leave depends on the benefit.

Deductible 52

Deductible Deductions Employee Enrollments Medical 52

cipHR

NOVEMBER 15, 2021

It’s worth remembering that it’s an employee’s responsibility to check they’re on the right tax code, as it impacts how much tax they pay – whether it’s too much tax or too little. For the 2021/22 tax year (and through to 2025/26), the tax code for most people under 65 who only have one job or pension is 1257L.

Pension 98

Pension Gross Pay Payroll Deductible 98

Griffin Benefits

DECEMBER 30, 2022

On nearly the eve of its expiration, Congress has extended the ability of high deductible health plans (“HDHPs”) to offer first-dollar telehealth coverage through plan years beginning before January 1, 2025. Making optional the requirement to report a value for amounts not applied to the deductible or out-of-pocket maximum.

Deductible 84

Deductible Deductions Health Savings Account Taxes 84

Insperity

OCTOBER 10, 2023

Act are: Starting in 2025, long-term, part-time employees – those workers with at least two years’ tenure and who have worked a minimum of 500 hours – must be able to participate in their company’s retirement plan. Starting in 2023, if a retirement plan allows for it, employees can elect for their employer match to receive Roth tax treatment.

401(k) 113

401(k) Retirement Plan Taxes Benefits Package 113

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! The relief allows, but does not require, HDHPs to provide telehealth and other remote care services on a pre-deductible basis without making participants health savings account (“HSA”) ineligible.

Deductible 52

Deductible Deductions Family and Medical Leave Act Health and Welfare 52

InterWest Insurance Services

DECEMBER 7, 2023

Also, employees will be able to carry over up to $640 next year into 2025 if they have funds left over in their account, if their employer allows it (it’s optional). An FSA must be funded exclusively through employer contributions or employee pre-tax contributions, or a combination of the two. That’s up $30 from this year.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Pharmaceutical Health Savings Account 98

Employee Benefits

FEBRUARY 22, 2023

The employee saves the income tax and national insurance (NI) contributions and the employer makes savings on the amount of salary that has been sacrificed. The employee gets a brand new, maintained car at corporate rates, and save most of the value-added tax (VAT) they would pay on a personal lease. What are the benefits?

Salary 98

Salary Taxes Government Insurance 98

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! The relief allows, but does not require, HDHPs to provide telehealth and other remote care services on a pre-deductible basis without making participants health savings account (“HSA”) ineligible.

Deductible 40

Deductible Deductions Family and Medical Leave Act Health and Welfare 40

Employee Benefits

FEBRUARY 26, 2024

Millennials will make up 75% of the global workforce by 2025 – next year – and they want their employers to be socially responsible. Green Car Scheme – tax and NIC savings for employer and employee. SmartPay – helping employees avoid credit cards and loans through salary deduct.

Employee Retention 111

Employee Retention Bonuses Recruitment Taxes 111

Employee Benefits

AUGUST 7, 2024

Credit: Hyejin Kang/Shutterstock Need to know: Employers should start planning now for the P11D changes to the reporting and paying of tax and Class 1A national insurance contributions (NICs) on benefits in kind, to ensure a smooth transition to the new system in April 2026.

Payroll System 59

Payroll System Taxes Payroll Take Home Pay 59

Business Management Daily

JANUARY 5, 2023

Congress has chosen to pay for it by mandating that plans offering certain 401(k) features, like catch-up contributions, be made on an after-tax, Roth basis. Every mention of the word “Roth” will require significant adjustments to your payroll system to accommodate after-tax withholding. For plan years beginning in 2025, SECURE 2.0

401(k) 52

401(k) roth 401(k) Taxes Deductible 52

Employee Benefits

AUGUST 21, 2024

The Living Wage Foundation considers the real cost of living to be £12 per hour and it is expected that, from possibly as early as April 2025, Labour will introduce a flat minimum rate of £12 per hour for everyone aged 18 and over. The new Labour government, which came to power in July, has pledged to increase these figures even further.

Pension 59

Pension Deductible Deductions Salary 59

Business Management Daily

JANUARY 5, 2021

The law also extends expiring tax provisions and everything that could be jammed into 5,593 pages of federal legislation three days before Christmas. The key payroll provisions include: An extension of the paid sick/ family leave provisions and your tax credit for providing leave. Extensions of popular payroll tax provisions.

Family and Medical Leave Act 52

Family and Medical Leave Act Payroll 401(k) Taxes 52

Higginbotham

NOVEMBER 2, 2023

Offering retirement benefits also makes financial sense because they often come with tax incentives. This is a new option that went into effect on March 27, 2020, and is set to end on December 31, 2025, assuming it’s not extended. Plus, employers can require workers to pay some or all the premium costs through payroll deductions.

401(k) 52

401(k) Disability Insurance Benefits Package Insurance 52

HR Professionals Magazine

SEPTEMBER 2, 2021

The age-old participant question: should I save Pre-tax or Roth? The key between a Traditional or Roth 401(k) boils down to when the participant will pay taxes. This is because younger investors are typically in lower income tax brackets. With bi-partisan support, it is believed that this extension to 2025 will become permanent.

Retirement Plan 52

Retirement Plan roth 401(k) 401(k) Taxes 52

Business Management Daily

MARCH 12, 2021

Paid leave tax credits for public employers. We have always imputed these amounts into employees’ income and withheld taxes. Things were a bit chaotic last year, to say the least, so we didn’t notice the provision in the CARES Act under which employers may pay these expenses tax-free to employees. Reporting no SSN on a W-2.

Payroll 52

Payroll Paid Leave Taxes Deductible 52

Business Management Daily

OCTOBER 7, 2019

For decades, payroll departments have used two basic principles to withhold income taxes from employees’ pay: Employees indicate the number of their withholding allowances on their W-4s and you figure their income tax withholding based on those W-4s and your pay period. That’s about to change, thanks to the Tax Cuts and Jobs Act.

Payroll System 49

Payroll System Payroll Taxes Deductible 49

Vantage Circle

SEPTEMBER 26, 2021

While phantom stocks may sound good right now, there are many things you should know before you give phantom shares to your employees, including how they work and the tax implications. In the "appreciation only" method, in January 2025, Albert will receive the appreciated amount per share. How is phantom equity taxed?

Employee Stock Option 52

Employee Stock Option 401(k) Taxes Bonuses 52

McNees

JANUARY 13, 2023

High Deductible Health Plans can continue to waive the deductible for any telehealth services for plan years beginning before January 1, 2025. The early distribution 10% percent tax will not apply to distributions for participants with a terminal illness. Retirement Benefit Plans. Webinar.

401(k) 98

401(k) Health and Welfare Employee Benefits Deductible 98

Benefits Notes

MARCH 31, 2021

The ARPA also allows the employer, insurer, or multiemployer plan sponsor who subsided the premiums to offset the cost by claiming a new federal tax credit. The subsidy is tax-free to the individual receiving the subsidy. Tax Credit. Below is a summary of the ARPA’s COBRA subsidy provisions. Changes to Code Section 162(m).

Family and Medical Leave Act 40

Family and Medical Leave Act Employee Benefits Taxes Pension 40

Vantage Circle

NOVEMBER 23, 2023

A 401(k) is a tax-advantaged retirement savings program provided by employers. In this, employees can elect to have a portion of their earnings automatically deducted from their paychecks and directed into their investment account. They are actively working towards achieving gender parity in global leadership by 2025.

Family and Medical Leave Act 64

Family and Medical Leave Act 401(k) Retirement Plan roth 401(k) 64

WEX Inc.

DECEMBER 17, 2024

When you participate in an FSA, youre putting money aside before it is taxed so you can save on eligible expenses. However, you may have a number of pre-tax accounts to choose from. Be aware that the IRS sets contribution limits for medical FSAs and dependent care FSAs (you can find the medical FSA limits for 2025 in this blog post ).

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Deductible Deductions 52

HR Digest

SEPTEMBER 11, 2023

You must deduct and/or contribute a standard percentage of an employee’s wages to fund paid family and medical leave. Because federal FMLA is unpaid, you don’t have to worry about these types of payroll deductions. Delaware Delaware’s Healthy Delaware Families Act goes into effect in 2025. states offering family leave paid?

Family and Medical Leave Act 86

Family and Medical Leave Act Paid Sick Leave Paid Leave Parental Leave 86