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A New Normal? Omnibus Bill Extends High Deductible Health Plan Telehealth Safe Harbor

Proskauer's Employee Benefits & Executive Compensa

provisions make some significant changes for retirement plans , but CAA 2023 also extends the telehealth plan safe harbor for high-deductible health plans (“HDHPs”) that were first introduced in the 2020 CARES Act. Generally, a participant must pay their HDHP’s deductible before the plan can cover medical services.

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Role of Payroll Software in Eliminating Compliance Risks

Qandle

Compliance risk in payroll refers to the potential for errors, omissions, or violations of laws and regulations that govern employee compensation. It arises when businesses fail to adhere to the various regulations governing how employees are compensated. Factoring in exemptions, allowances, and deductions.

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Commuter Benefits: Everything You Need to Know

HR Lineup

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.

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Final Paycheck Has Too Many Deductions – Ask #HR Bartender

HR Bartender

Today’s reader note is questioning the number of deductions on their final pay. Now, my deductions are through the roof – making my net pay very small. Nagele-Piazza] This will usually be governed by state law, too, though the employer’s policies and practices might also come into play. Last question.

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An Introduction to IRMAA

Money Talk

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. IRMAA seems very punitive.

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The Impact of Indexing: 13 Real World Examples

Money Talk

An example is pensions for federal government workers and military retirees and disabled veterans. Other tax numbers that get indexed are the standard deduction, certain tax credits, and the deduction for business-related and medical mileage. Pension COLAs - Pension benefits for some retirees are also indexed for inflation.

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Pre-tax deductions vs. Post-tax Deductions

Benefit Resource Inc.

Not all payroll deductions are created equal. Some people (although not many) may engage in a heated debate on the value of pre-tax deductions vs. post-tax deductions. Colleagues (even in our own organization) have asked “Why do we need post-tax deductions?” What is a pre-tax deduction?