PayrollOrg

MAY 10, 2024

The IRS announced the 2025 maximum contribution levels for health savings accounts (HSAs) and out-of-pocket spending limits and deductible minimums for high deductible health plans that must be used in conjunction with HSAs.

Health Savings Account 260

Health Savings Account Deductions Deductible 260

Money Talk

MAY 18, 2022

Since there is no longer a non-itemizer’s charitable deduction in 2022 and only about 10% of tax filers itemize, you’ll probably have fewer receipts to save. The 2022 standard deduction is $12,950 for individuals ($14,700 age 65+) and $25,900 for married filing jointly ($28,700 if both spouses are age 65+).

Taxes 263

Taxes 401(k) Deductions Deductible 263

HR Lineup

JANUARY 29, 2024

A pay stub not only serves as a record of an employee’s earnings but also provides crucial information about deductions, taxes, and other financial details. Deductions: Federal and state taxes Social Security and Medicare contributions Health insurance premiums Retirement contributions 4. Deductions and Taxes 1.

Net Pay 246

Net Pay Deductions Deductible Payroll Software 246

McDermott Will & Emery Employee Benefits

MAY 9, 2024

The Internal Revenue Service (IRS) recently announced (see Revenue Procedure 2024-25) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs) for 2025.

Health Savings Account 105

Health Savings Account Deductions Deductible Employee Benefits 105

PayrollOrg

MAY 24, 2024

The Connecticut Department of Labor has issued earned wage access (EWA) guidance for employers that includes information about wage deductions for fees.

Employment 260

Employment Deductions Deductible 260

InterWest Insurance Services

FEBRUARY 20, 2024

With more than half of all private sector employees enrolled in high-deductible health plans , it’s important that employers have in place certain protocols to ensure that they are a success. Other voluntary benefits like critical illness insurance can fill in the gaps when employees have a high deductible.

Deductions 98

Deductions Deductible Out of Pocket Cost Health Savings Account 98

Money Talk

MARCH 4, 2022

Increased Standard Deduction - Taxpayers age 65+ (and those who are blind) get an increased standard deduction on federal income taxes. For singles in 2022, the standard deduction is $14,700 ($12,950 + $1,750 additional for age 65+). of AGI can be deducted on Schedule A.

Taxes 245

Taxes 401(k) Deductions Deductible 245

Money Talk

OCTOBER 27, 2022

History - In the early 1980s, federal legislation created a tax-deductible IRA for anyone with earned income. Significant changes in 1986 established income limits for participants in an employer-sponsored retirement plan that eliminated the tax deductibility of traditional IRA contributions for some people.

Deductions 245

Deductions Deductible Commissions Taxes 245

HR Lineup

MARCH 13, 2022

However, the tax deduction is limited to a maximum of 25% of the total salary of the employees in this qualified employee benefit plan. As an employer, your contributions towards a qualified plan are tax-deductible. The employer then accumulates the resulting total over a specified period as part of the employee’s retirement.

Retirement Plan 246

Retirement Plan 401(k) Gross Pay Profit Sharing Plan 246

Money Talk

OCTOBER 11, 2023

Tax Write-Off for Self-Employment Tax - On line 15 of Schedule 2 (for a 1040 form), self-employed workers can write off the deductible portion of their self-employment tax (calculated on Schedule SE), which will lower adjusted gross income (AGI), a trigger for many other taxes.

Employment 215

Employment Deductions Deductible Taxes 215

Money Talk

MARCH 22, 2023

I recently attended a NY Public Library webinar about tax planning and below is a summary: Standard Deduction - 2023 saw the largest ever automatic adjustment to standard deductions since indexing was introduced in the 1980s. A larger standard deduction means that taxpayers can shelter more income from income taxes.

Taxes 189

Taxes 401(k) Deductions Deductible 189

Money Talk

JANUARY 18, 2023

Standard Deduction - The amount of income taxpayers can shelter from income taxes rises with inflation (e.g., for couples filing jointly, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022). Marginal Tax Brackets - Income ranges in the seven marginal tax brackets ranging from 10% to 37% are inflation-based.

401(k) 246

401(k) Banking Deductions Deductible 246

HR Lineup

MARCH 10, 2022

Note that with both plans, tax accumulates, and the IRS will deduct employees during retirement as if they were ordinary income. . An employer deducts a specific amount of money from the employees’ salaries to fund their retirement. For example, consider your financial circumstances, such as the amount of tax deducted when claiming it.

401(k) 246

401(k) Retirement Plan Deductions Deductible 246

HR Lineup

JULY 4, 2024

Payroll Deductions: Employers deduct the elected pre-tax amount from employees’ paychecks each pay period. These deductions are then used to pay for the chosen commuter benefits. Employer: Jane’s employer deducts $150 from her pre-tax income each month and provides her with a transit pass.

Transportation 246

Transportation Taxes Deductions Deductible 246

Money Talk

APRIL 14, 2022

Here are 12 tax topics to consider: Itemized Deductions- Only about 10% of taxpayers can itemize since the Tax Cuts and Jobs Act went into effect in 2018. Strategies to garner a tax benefit for charitable gifts to qualified charities include “bunching” deductions into one tax year and setting up and funding a donor advised fund.

Taxes 189

Taxes Family and Medical Leave Act 401(k) Deductions 189

Money Talk

JUNE 16, 2023

Of course, policy deductibles (e.g., $500) All policies have very specific language about types of losses that are covered (e.g., hurricane damage) and those that are not (e.g., flood damage and business use of a home). 500) apply before any damage claims are paid. Learn the Claims Process - Write down the steps to file a claim.

Deductions 240

Deductions Deductible Insurance Banking 240

Money Talk

AUGUST 3, 2022

Consider Tax-Saving Gifts - Only about 10% of taxpayers today can itemize deductions and it generally requires a plan to aggregate sufficient deductible expenses that exceed the standard deduction amount ($12,950 for singles and $25,900 for married couples filing jointly).

Taxes 189

Taxes 401(k) Flexible Spending Account Deductions 189

Money Talk

AUGUST 8, 2024

Otherwise, you could overlook valuable tax deductions (e.g., Consider accelerating deductions (e.g., bunching itemized deductions in one year) when you realize large capital gains, have a high-earning year, or are near “tripwires” for tax on Social Security, IRMAA Medicare premiums, and the net investment income tax.

Taxes 176

Taxes Deductions Deductible Finance 176

Money Talk

SEPTEMBER 30, 2022

A letter from the Social Security Administration (SSA) notifies beneficiaries of their expected benefit, including IRMAA deductions, if any. Three IRMAA Action Steps ¨ Reduce MAGI- MAGI is based on adjusted gross income (AGI) plus tax-exempt interest income and certain deductions that are added back.

401(k) 245

401(k) Taxes Pension Deductions 245

Money Talk

NOVEMBER 15, 2022

Revisit Your Deductibles - Check with your insurance agent on policy premium costs and consider raising the deductibles on your policy (e.g., a $500 to a $1,000 deductible), however, only if there is significant savings. a $500 to a $1,000 deductible), however, only if there is significant savings. Do this (e.g.,

Insurance 182

Insurance Deductions Deductible Health Insurance 182

HR Lineup

APRIL 4, 2024

Process Efficiency: Manual Payroll: Involves manual entry of employee work hours, wage rates, deductions, and tax withholdings. Calculations, including taxes and deductions, are automated, reducing the potential for errors. This process is time-consuming and prone to errors.

Payroll 181

Payroll Payroll System Deductions Deductible 181

Money Talk

DECEMBER 22, 2021

Other tax numbers that get indexed are the standard deduction, certain tax credits, and the deduction for business-related and medical mileage. The IRS publishes tables with the income ranges for four filing status categories and seven tax rates that currently range from 10% to 37%.

401(k) 232

401(k) Pension Taxes Deductions 232

Money Talk

NOVEMBER 9, 2023

Another way that some people proactively plan is to postpone deductible expenses until RMDs begin as a way to offset higher taxable income. Examples include an older landlord delaying rental property improvements until after RMD age and delayed itemized deduction bunching.

Pension 191

Pension Taxes Deductions Deductible 191

Take It Personel-ly

MARCH 11, 2021

After all, you can often take advantage of tax deductions for doing so. If you have a company car, why not take advantage of the opportunity to upgrade it? What can you do that won’t require a hefty capital expenditure? Here are six low-cost ways to improve your company car so that you and your […].

Deductions 169

Deductions Deductible Taxes IT 169

HR Lineup

JANUARY 2, 2022

These include ease of use, affordability, ability to identify credits and deductions, customer service, to name a few. Before choosing a tax software company to file your taxes online, ensure they meet your organizational needs.

Taxes 245

Taxes Software Payroll Deductions 245

HR Lineup

SEPTEMBER 1, 2021

It should also ensure that employees receive accurate information concerning their wages/salaries or any other deductions. The software should be very effective to manage taxes and employee benefits.

Payroll Software 243

Payroll Software Payroll Software Human Resources 243

Money Talk

JULY 25, 2024

Contributions to non-Roth accounts are often tax-deductible, thereby reducing adjusted gross and, ultimately taxable, income. Don’t Overlook Health Insurance Tax Premiums - Self-employed older adults who pay their health insurance premiums (including Medicare) may be eligible to deduct these expenses as an adjustment to gross income.

Employment 162

Employment Health Insurance Pension Deductions 162

Money Talk

JUNE 28, 2023

Use this information to adjust payroll deductions for a health care FSA (up or down). This information can help inform decisions about how much more to save up to the 2023 limits of $3,850 (self-only) and $7,750 (family coverage). Flexible Spending Account (FSA) Tweak - Like HSAs, you know your health care spending so far.

Flexible Spending Account 242

Flexible Spending Account Banking Health Savings Account Taxes 242

HR Lineup

SEPTEMBER 25, 2023

It encompasses all the activities involved in paying employees, such as calculating wages, deducting taxes and other withholdings, processing payments, and generating necessary reports. Enhanced Data Security Data security is a paramount concern in the digital age.

Global Payroll 238

Global Payroll Payroll Payroll System Payroll Software 238

Money Talk

JUNE 8, 2022

Consider “Bunching” and Withhold Accordingly - With another half-year to go, there is still plenty of time to develop a proactive strategy to exceed the standard deduction. The higher the net income of a taxpayer’s business, the higher the tax bite, which needs to be anticipated with withholding somewhere or quarterly estimated tax payments.

Taxes 278

Taxes Pension Deductions Deductible 278

WEX Inc.

MAY 10, 2024

2025 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. 2025 high-deductible health plan (HDHP) amounts and expense limits also increased. The 2025 HDHP minimum deductible is $1,650 for self-only coverage and $3,300 for family coverage.

Health Savings Account 105

Health Savings Account Deductions Deductible Taxes 105

Money Talk

JANUARY 19, 2022

Make Tax-Advantaged Gifts - Consider “bunching” charitable donations with other tax deductions (e.g., high income years) to exceed the standard deduction and benefit from itemizing. state income tax and local property tax) every so often (e.g.,

Flexible Spending Account 187

Flexible Spending Account Taxes Pension Deductions 187

Patriot Software

JUNE 18, 2024

Tax withholding is an essential piece of the payroll puzzle. One of the taxes you must withhold from employee wages is the Old-Age, Survivors, and Disability Insurance (OASDI) tax. You must also contribute an employer portion of the OASDI tax. OASDI tax is more commonly referred to as Social Security tax. How much is OASDI […] Read More

Disability Insurance 82

Disability Insurance Taxes Insurance Deductions 82

Money Talk

OCTOBER 25, 2023

I increase deductible, I change coverage) with an insurance agent, double check policy discounts you qualify for, compare at least three insurance vendors, sign up for auto-pay or online billing statements, make fewer payments per year, and maintain good credit. Insurance Play “what if?” (e.g.,

Food 201

Food Deductions Deductible Retail 201

WEX Inc.

OCTOBER 2, 2024

To take advantage of an HSA, you need to participate in an HSA-eligible health plan (or high-deductible health plan). HSA-eligible health plans typically have lower premiums but higher deductibles. Assess your ability to cover the deductible before choosing this plan.

Employee Benefits 98

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 98

Money Talk

DECEMBER 16, 2021

This includes expenses for health insurance as well as deductibles, copayments, and coinsurance when medical bills occur. With high inflation currently, many families are closely examining their expenses. One category is health care, which takes a big chunk out of family budgets. Costs can add up to many thousands of dollars annually.

Medical 230

Medical Health Insurance Hospitality Insurance 230

HR Lineup

FEBRUARY 16, 2023

It’s also important to note that if you use Cash App to make purchases or payments, these transactions may not be tax deductible. This means that if you use Cash App to make business-related purchases or payments, you may not be able to deduct these expenses from your taxable income.

Taxes 130

Taxes Deductions Deductible Consulting 130