article thumbnail

Are Your Benefits Enough to See Employees Through a Crisis?

InterWest Insurance Services

A recent survey by benefits provider Guardian indicates that families in this category are struggling when it comes to achieving their financial goals. But many employers cap life insurance benefits at $50,000 — the maximum figure that allows employers to deduct premiums as a workplace benefit under IRC 7702.

article thumbnail

Commuter Benefits: Everything You Need to Know

HR Lineup

Program Setup: Employers need to set up a commuter benefits program, which may involve working with a benefits provider or using an in-house system. Communication and Education: Employers must inform employees about the available commuter benefits, how they work, and the enrollment process. For Employers 1.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Plane

HR Lineup

It simplifies the process of calculating salaries, factoring in taxes, deductions, and benefits. One of Plane’s standout features is its ability to integrate seamlessly with various HR tools and benefits providers.

Payroll 130
article thumbnail

India’s Payroll Processing: A Comprehensive Step-by-Step Guide

Qandle

The payroll team should deduct salary for leaves taken beyond the allowed quota, ensuring that the final payment is accurate. Step 4: Deductions and Benefits After calculating the gross salary, the next step is to apply deductions and add any benefits provided by the employer.

Payroll 98
article thumbnail

What is Leave Encashment? Calculation, Taxation, and Rules

HR Lineup

Leave encashment is a significant aspect of employment benefits, providing employees with the option to convert their unused leave days into monetary compensation. For example, some jurisdictions provide tax relief if the leave encashment is due to the employee’s retirement, resignation, or reaching a specific age.

Taxes 130
article thumbnail

Leap year! How to handle 27 biweekly payrolls in 2020

Business Management Daily

Hourly-paid nonexempts are impacted only to the extent of withholding and deductions. Although most companies choose this option, it may be a costly decision, since employees will receive an extra paycheck, along with extra taxes withheld and extra benefits provided. Employees’ benefits deductions and allowances (e.g.,

Payroll 83
article thumbnail

Besides Health Insurance and 401(k)s, These Are the Benefits Employees Value Most

InterWest Insurance Services

Besides health insurance and a 401(k) plan, other benefits that employees value highly are generous paid time off and flexible or remote work, according to a new survey. “A multi-generational workforce is a huge benefit for companies,” said Liz Ahmed, executive vice president of People and Communications at Unum.

401(k) 98