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. Some of this information can be gathered by doing an anonymous survey of your staff. Then their insurance would cover everything at 100%.

Deductible 98

Deductible Deductions Out of Pocket Cost Health Savings Account 98

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.

Deductible 245

Deductible Deductions Commissions Taxes 245

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. It is not legal or tax advice.

401(k) 98

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

HR Lineup

SEPTEMBER 24, 2024

This data can provide valuable insights for making informed decisions on recruitment strategies, workforce planning, and employee development initiatives. Key Features: Automated payroll processing: Technology ensures timely and accurate payments by automating payroll tasks such as salary calculations, tax deductions, and overtime.

Retirement Plan 245

Retirement Plan Recruitment Technology Salary 245

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 Deductible Deductions Taxes 215

Qandle

JANUARY 29, 2025

Data Security Risks: With payroll data containing sensitive employee information, businesses must ensure that this data is stored securely. This helps reduce the risk of non-compliance caused by outdated information. Failure to comply with these requirements can lead to legal complications and penalties. Why Compliance Matters?

Payroll Software 90

Payroll Software Software Payroll Overtime 90

Money Talk

JUNE 16, 2023

Of course, policy deductibles (e.g., $500) Keep copies of information provided to the insurance company. appliances, furniture) with serial numbers and/or other identifying information. All policies have very specific language about types of losses that are covered (e.g., hurricane damage) and those that are not (e.g.,

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Deductible Deductions Insurance Banking 240

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. million in 2022).

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401(k) Banking Deductible Deductions 246

Best Money Moves

SEPTEMBER 25, 2024

copay or deductible). Employees must be supported in making well-informed decisions during this time as these decisions determine employees’ (and their families’) healthcare coverage and costs for the year ahead. Having health insurance does not guarantee access to healthcare or the ability to afford it.

Healthcare 105

Healthcare Health Insurance Medical Insurance 105

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) Deductible Deductions 189

HR Lineup

JULY 4, 2024

Communication and Education: Employers must inform employees about the available commuter benefits, how they work, and the enrollment process. This can be done through workshops, informational sessions, and written materials. These deductions are then used to pay for the chosen commuter benefits.

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Transportation Taxes Deductible Deductions 246

WEX Inc.

JULY 20, 2023

Deductible options The words “health”, “coverage”, “insurance”, and “deductible” were among the most frequent words to appear when participants were asked in our survey what was missing from their benefits. Specific responses included: “A lower deductible or copay options would be an improvement.” Deductibles are too high.

Deductible 75

Deductible Deductions Flexible Spending Account Health Savings Account 75

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) Deductible 189

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 Deductible Deductions Health Insurance 182

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. You can be grateful and strategic.

401(k) 245

401(k) Taxes Pension Deductible 245

HR Lineup

APRIL 4, 2024

Process Efficiency: Manual Payroll: Involves manual entry of employee work hours, wage rates, deductions, and tax withholdings. Data entry is minimized as information is often directly imported from time tracking systems or employee databases. This data can inform strategic decision-making and optimize workforce management.

Payroll 181

Payroll Payroll System Deductible Deductions 181

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 Deductible Deductions Finance 176

Money Talk

JUNE 28, 2023

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). Use this information to adjust payroll deductions for a health care FSA (up or down). Consider doing a proforma 2023 tax return.

Flexible Spending Account 242

Flexible Spending Account Banking Health Savings Account Taxes 242

HR Lineup

SEPTEMBER 1, 2021

It should also ensure that employees receive accurate information concerning their wages/salaries or any other deductions. Additionally, an excellent payroll software does digital record keeping, enabling you and your employees to easily access the necessary information on payroll anywhere, with any device. . Quickbooks Payroll.

Payroll Software 243

Payroll Software Payroll Software Human Resources 243

WEX Inc.

NOVEMBER 27, 2024

Nearly two-thirds of large employers provide their employees with the choice of a high-deductible health plan (HDHP) and a traditional health plan, such as a preferred provider organization (PPO), during open enrollment. The IRS sets deductible limits that determine what is an HDHP. But there are high-deductible PPOs, as well.

Deductible 52

Deductible Deductions Health Savings Account Flexible Spending Account 52

HR Lineup

JANUARY 2, 2022

These include ease of use, affordability, ability to identify credits and deductions, customer service, to name a few. The Intuit applications all connect, which ensures that all of your information updates across the three platforms.

Taxes 245

Taxes Software Payroll Deductible 245

Qandle

DECEMBER 11, 2023

Human Resources Information Systems (HRIS) are software solutions designed to streamline and enhance various HR functions within an organization. HRIS serves as a comprehensive database for employee information and supports a wide range of HR activities. What Is HR Information Systems ? Check out the HR Information Systems.

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Human Resources Payroll Software Retirement Plan 105

Money Talk

JUNE 8, 2022

Arrange Tax Withholding Services - Employers withhold income taxes based on information that workers submit on Form W-4. 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. In other instances (e.g.,

Taxes 278

Taxes Pension Deductible Deductions 278

WEX Inc.

SEPTEMBER 4, 2024

If you rarely require medical care and prefer to save on monthly premiums, a plan with a higher deductible and lower premiums might be suitable. On the other hand, if you anticipate regular medical visits, chronic conditions, or potential emergencies, a plan with lower deductibles and higher premiums may offer better cost protections.

Deductible 52

Deductible Deductions Flexible Spending Account Healthcare 52

Flimp Communications

OCTOBER 30, 2024

About half of American employers offer HSAs — coupled with high-deductible health plans (HDHPs) — but, according to one study , 69% of employees don’t understand their benefits or uses. Not only are HSA contributions tax deductible, but investment growth and funds used for qualified medical expenses are also protected.

Deductible 52

Deductible Deductions Taxes Flexible Spending Account 52

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. These laws can vary significantly from one country to another, making it crucial for businesses to stay informed and up-to-date on local regulations.

Global Payroll 238

Global Payroll Payroll Payroll System Payroll Software 238

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 Deductible Deductions 191

Money Talk

JULY 25, 2024

As a financial education solopreneur who works from home, I was happy join a group of kindred spirits to share information about each other’s products and services. Contributions to non-Roth accounts are often tax-deductible, thereby reducing adjusted gross and, ultimately taxable, income. We are not alone. of net business income.

Employment 162

Employment Health Insurance Pension Deductible 162

PeopleKeep

JULY 24, 2024

Even if your health plan has a low deductible and few copayments , your insurance provider will likely only pay a portion of your healthcare costs, leaving you to cover the rest. About 92% of Americans have some form of health coverage. But that doesn’t mean they don’t have medical bills 1.

Family and Medical Leave Act 98

Family and Medical Leave Act Medical Healthcare Deductible 98

Flimp Communications

SEPTEMBER 26, 2024

By helping employees recognize the value and quality of options such as high-deductible health plans (HDHPs), your HR team can maximize your benefits budget while boosting employee satisfaction with your plan offerings. As a result, they default to the plans with the lowest deductibles or simply roll over the same plan year after year.

Deductible 52

Deductible Deductions Healthcare Medical 52

HR Lineup

JUNE 9, 2024

In the rapidly evolving world of business, managing employee information efficiently is critical for organizational success. Here, we explore the ten best employee database software in 2024, evaluating their features, benefits, and potential drawbacks to help you make an informed decision. What is Employee Database Software?

Software 246

Software Payroll Human Resources Overtime 246

Best Money Moves

OCTOBER 1, 2024

In fact, when surveyed by the National Association of Insurance Commissioners (NAIC), only about a quarter of Gen Z adults could define the terms “deductible” (27%) and “copay” (29%). However, Gen Z employees are particularly susceptible to a lack of education on insurance terms and policies.

Insurance 59

Insurance Deductible Deductions Education 59

Money Talk

OCTOBER 19, 2023

Below are nine of my key take-aways from information that was provided about living well in later life and not running out of money during your lifetime: Medical Advances - Many of the leading causes of death today may no longer be as prevalent in another one or two decades due to medical research advances.

401(k) 213

401(k) Finance Medical Deductible 213

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. It is not legal or tax advice.

Health Savings Account 105

Health Savings Account Deductible Deductions Taxes 105

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 Deductible Deductions Retail 201

Hppy

OCTOBER 28, 2024

Highlighting earnings and deductions, as well as paystubs, fosters transparency and trust between employers and employees. By providing a detailed record of wages and deductions, they help both employers and employees meet legal requirements. They provide a detailed breakdown of wages, taxes, and deductions.

Net Pay 36

Net Pay Deductible Deductions Management 36

HR Lineup

OCTOBER 18, 2023

It brings all benefits-related information and processes into a single platform. This central repository allows HR teams to efficiently manage and update benefits information, making it easily accessible to employees. The software often includes tools to help employees make informed decisions by comparing plan options.

Software 246

Software Retirement Plan Health Insurance Payroll 246