HR Digest

APRIL 4, 2025

The upcoming No Tax on Overtime (H.R. With the proposal still in limbo around federal and state tax policies, many are eager to understand how this tax exemption on overtime pay could impact their final paychecks. In this article, well answer key questions around No Tax on Overtime in Virginia.

Overtime 52

Overtime Taxes Government Consulting 52

Money Talk

APRIL 12, 2023

Common challenges that affect many widows/widowers are aloneness, a lower income, increased taxes/higher tax rate filing as an individual vs. a couple, loss of services that a deceased spouse used to perform, and no longer spending time with couples. placing savings in taxable, tax-free, and tax-deferred accounts).

Banking 246

Banking Taxes Finance Pension 246

HR Digest

MARCH 12, 2025

With no tax on overtime in California gaining momentum, the golden states tax exemption policy is being touted as a game-changer. But when does no tax on overtime start in California, and what does the overtime tax exemption in California mean for the states workforce? Late last month, on February 27, 2025, the U.S.

Overtime 66

Overtime Taxes Health Payroll 66

HR Digest

MARCH 5, 2025

As of March 6, 2025, sentiment on tax exemption on overtime pay is shifting. States with no tax on overtime pay are rare, but theyre making huge waves by leaning towards tax exemption on overtime pay. States with no tax on overtime pay are rare, but theyre making huge waves by leaning towards tax exemption on overtime pay.

Overtime 52

Overtime Taxes Payroll Payroll System 52

Money Talk

DECEMBER 21, 2023

Tax Uncertainty - The tax code is written in pencil. Income taxes are headed higher in 2026 if Congress does not pass a new tax law and the 2017 Tax Cuts and Jobs Act expires. This adds a sense of urgency to tax planning strategies such as Roth IRA conversions.

401(k) 194

401(k) Finance Taxes Media 194

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

WEX Inc.

DECEMBER 18, 2024

Flexible spending accounts (FSA) Flexible spending accounts (FSAs) offer a valuable tax-advantaged benefit, but the IRS use-or-lose rule can result in forfeited funds if employees dont use their balances by the deadline. Key dates March 15, 2026: FSA grace period ends for the 2025 plan year, allowing additional time for eligible expenses.

Family and Medical Leave Act 52

Family and Medical Leave Act Flexible Spending Account Flexible Spending Insurance Carriers 52

WEX Inc.

JUNE 20, 2024

Tax deductions if you have a fleet of commercial vehicles Are you a small or large business owner with commercial vehicles, or a fleet manager? Calculating your commercial vehicle spend and how it will be impacted at tax time, including mileage and leasing, can make a huge difference in your overall expenses.

Bonuses 98

Bonuses Taxes Deductions Deductible 98

Employee Benefits

NOVEMBER 17, 2022

In addition, the employment allowance will be retained at a higher level of £5,000 until March 2026. “A lower tax regime keeps unemployment low, maximises government receipts through income tax and corporation tax. .

Government 105

Government Insurance Taxes Recruitment 105

Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

Employer Reporting : Matching and nonelective Roth contributions are not treated as wages for purposes of FICA and FUTA taxes. Distributions to Terminally Ill Individuals Early distributions from retirement plans are subject to a 10% additional tax, unless they qualify for an exception.

401(k) 111

401(k) Taxes Retirement Plan Employment 111

Insperity

OCTOBER 10, 2023

This enables workers to pay taxes up front on the funds they contribute, and then grow and withdraw these larger funds at a later date tax free. The Internal Revenue Service (IRS) will begin enforcing this provision in 2026. It’s important to note that these are tax credits, not deductions. The SECURE 2.0

401(k) 116

401(k) Retirement Plan Taxes Benefits Package 116

Employee Benefits

AUGUST 7, 2024

However, mandating payrolling of BIKs was introduced by a previous government; will Labour agree and pursue an implementation date of April 2026? Employers need to communicate with their employees that pay-as-you-earn (PAYE) income tax will be collected on benefits once payrolling is mandated.

Employment 59

Employment Payroll Software Payroll Taxes 59

Employee Benefits

FEBRUARY 17, 2023

Further to this, any tax free cash received from the pension will also need to be added to this figure and tested against the member’s available LTA. With the LTA presently frozen until April 2026 any future increases in the LTA could be modest so you could end up exceeding the Allowance by retirement.

Pension 104

Pension Taxes Pension Benefit Salary 104

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 Deductions 98

Employee Benefits

FEBRUARY 5, 2024

As well as tax savings, EVs can be cheaper to run and maintain, with used cars also a cost-effective option. Educate on tax savings Employers can educate staff about how the tax savings that come with a salary sacrifice electric vehicle (EV) work. This will then change to 3% in 2025/26, 4% in 2026/27, and 5% in 2027/28.”

Management 91

Management Taxes Salary Engineering 91

Snell & Wilmer Benefits

MAY 31, 2024

The new limits take effect for tax years beginning after December 31, 2024. The increased catch-up contribution limit for eligible participants is the greater of: (a) $10,000, subject to cost-of-living adjustments starting in 2026; or (b) 150% of the limit in effect for 2024 (i.e., When do the changes take effect?

401(k) 52

401(k) Payroll Taxes Employee Benefits 52

Employee Benefits

APRIL 24, 2023

The aim is to replicate the subsidised model in Quebec and guarantee that by 2026, parents pay no more than an average of C$10 a day for childcare,” he says. Canada is developing programmes that recognise early-years education and childcare as infrastructure, explains Simon Kelleher, head of policy and influencing at Working Families.

Parental Leave 111

Parental Leave Government Education Recruitment 111

HR Digest

AUGUST 27, 2020

million people currently employed in this field with an estimated growth of 26% by 2026. They keep company records, make recommendations to businesses regarding financial welfare, compute taxes, prepare financial reports and examine financial documents. Its job expansion is also expected to increase by 19 percent by the year 2026. .

Software 58

Software Entertainment Retirement Plan Taxes 58

cipHR

MARCH 24, 2022

With the current tax year ending on 5 April 2022, the 2022/2023 tax year introduces many key pieces of legislation affecting millions of employers and employees across the UK. In preparation for the upcoming tax year end, we’ve prepared an extensive list of all the regulatory changes that you need to be aware of. Payroll news.

Taxes 40

Taxes Payroll Deductions Deductible 40

Proskauer's Employee Benefits & Executive Compensa

AUGUST 28, 2023

starting January 1, 2024, all catch-up contributions made by participants with more than $145,000 in FICA wages from the employer maintaining the plan in the prior calendar year are required to be made on a Roth basis ( i.e. , after-tax). Under SECURE 2.0,

Taxes 52

Taxes Employment 401(k) 52

Snell & Wilmer Benefits

AUGUST 28, 2023

requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. requirement applies for tax years beginning after December 31, 2023. Notice 2023-62 addresses these concerns by giving plan sponsors until January 1, 2026 to implement the SECURE 2.0 This SECURE 2.0

401(k) 52

401(k) Retirement Plan Taxes Employee Benefits 52

Employee Benefits

JANUARY 21, 2022

As announced in April’s Budget, the Lifetime Allowance (LTA) will be frozen at its current level of £1,073,100 until April 2026. million pension savers [1] are set to reach the limit and will be hit with a tax charge of 55% in retirement. Latest reports have suggested that as a direct result of the freezing of the LTA, more than 1.6

Pension 52

Pension Taxes Pension Benefit Education 52

Florida Workers' Comp

SEPTEMBER 5, 2023

by 2026, see Axios. We might respond to the lure of having someone do our income taxes for us in April. We lose free time at the beach or napping or watching television, but we save the monetary cost of the tax preparer. We might avoid paying the tax preparer so that we can afford the Beefsteak tomatoes. They are complex.

Government 80

Government Taxes Overtime Manufacturing 80

Business Management Daily

AUGUST 9, 2023

This should speed up your tax refunds considerably. By the 2026 filing season, the IRS says all paper documents—correspondence, nontax forms and notice responses—will be processed digitally. And this is a problem, according to the Treasury Inspector General for Tax Administration. The IRS has made good on the upload tool.

Payroll 52

Payroll Taxes Electronics Software 52

Employee Benefits

AUGUST 2, 2023

Tax deduction – For HR or management, here’s a quick tax tip; it also counts as a tax deduction, thus decreasing your tax liability for the year. by 2026, a significant rise that shows the demand for this gift option. In the UK, the gift voucher market is projected to grow by 10.3%

Pension 52

Pension Food Deductions Deductible 52

Benefits Notes

AUGUST 29, 2023

Act of 2022 (“SECURE 2.0”) required that effective as of January 1, 2024 , participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older and whose Social Security wages for the previous year exceed $145,000 (indexed), only be permitted to make catch-up contributions under such plans on a Roth (after-tax) basis.

401(k) 52

401(k) Retirement Plan Executive Compensation Taxes 52

Benefits Notes

DECEMBER 28, 2022

Catch-up contributions will now be subject to Roth after-tax treatment for those earning more than $145,000 in the prior year. Effective for distributions made after December 31, 2023, the 10% tax on early distributions does not apply for distributions for domestic abuse survivors. Increase in Cash-out Limit.

401(k) 52

401(k) Retirement Plan Taxes Salary 52

HR Digest

AUGUST 27, 2020

million people currently employed in this field with an estimated growth of 26% by 2026. They keep company records, make recommendations to businesses regarding financial welfare, compute taxes, prepare financial reports and examine financial documents. Its job expansion is also expected to increase by 19 percent by the year 2026. .

Software 40

Software Entertainment Retirement Plan Taxes 40

Workers' Compensation

DECEMBER 28, 2023

For example, seasonal employers and businesses with six or fewer employees have until 2026 to pay their workers at least $15/hour. MINIMUM WAGE Under the law, some employers are allotted more time to reach the $15/hour minimum wage. The minimum hourly wage for these employees will increase to $13.73/hour hour on January 1, up from $12.93/hour.

Disability Insurance 52

Disability Insurance Workers’ Compensation Piece Rates Mining 52

Workplace Insight

DECEMBER 14, 2023

The GNI measure was introduced by the Irish Government to adjust for the inflated GDP figure caused by Ireland’s position as a tax haven for mainly US corporations.) Ireland’s adjusted per capita GDP figure known as Gross National Income is around 16 percent higher than the UK’s and higher than that of both Germany and France.

Pharmaceutical 59

Pharmaceutical Retail Banking Government 59

HR Digest

MARCH 22, 2025

So, which states do not tax overtime? Alabama is leading the charge with its bold overtime tax exemption, cutting overtime pay taxation since January 1, 2024. Others are flirting with state-by-state no tax on overtime plans. These states with No Tax on Overtime are rewriting the rules of the game. Only time will tell.

Overtime 122

Overtime Taxes Manufacturing Deductions 122

Employee Benefits

DECEMBER 14, 2022

However, accessing a pension fund early can trigger a change in tax status that limits further contributions, meaning that many do not draw their pensions while still working. The ongoing cost-of-living crisis is likely to see many older workers asking questions about whether and how they can access their pension savings.

Pension 64

Pension Parental Leave Healthcare Government 64

Empuls

JUNE 21, 2024

Lastly, the future benefit payments expected to be paid in the next 5 years include 726 million, 27 million in 2024, 694 million, 26 million in 2025, and 2,320 million, 98 million within 2026-2030, as retirement benefits and post-retirement costs respectively.

401(k) 40

401(k) Retirement Plan Pension roth 401(k) 40

HR Digest

SEPTEMBER 11, 2023

Employer contributions begin in 2025, and employees can start applying for benefits in 2026. Employer contributions begin in 2024, and employees can begin applying for benefits in 2026. Minnesota The Paid Family and Medical Leave program for Minnesotans will launch in 2026. Employers can receive a tax credit for opting in.

Family and Medical Leave Act 86

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

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 23, 2022

Replaces the saver’s tax credit with the “saver’s match,” which is a federal matching contribution deposited in the retirement plan account for qualifying employees (based on modified adjusted gross income); the match is 50% of qualifying contributions up to $2,000 ( effective for tax years beginning after December 31, 2026 ).

401(k) 108

401(k) Retirement Plan Taxes Finance 108

WEX Inc.

SEPTEMBER 4, 2024

billion globally by 2026 – that’s more than half the global population. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax, and investment advisers. According to Juniper Research, the total number of digital wallet users will exceed 5.2

Finance 52

Finance Banking Taxes Technology 52

WEX Inc.

OCTOBER 14, 2024

billion globally by 2026 – that’s more than half the global population. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax, and investment advisers. Visit the Payments 101 hub to learn more! The information in this blog post is for educational purposes only.

Taxes 52

Taxes Electronics Manufacturing Consulting 52