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. Is an HSA or FSA use-it-or-lose-it ?

401(k) 98

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

Fringe Benefit Analysts

OCTOBER 17, 2024

Insurance carriers can still charge more by age, but a sick 61-year-old and a healthy 61-year-old would pay the same amount for coverage with the same deductibles and out-of-pocket maximums.  Small employers looking for ways to control their group health insurance costs are more closely examining what it means to be “ fully insured.”

Insurance Carriers 98

Insurance Carriers Insurance Family and Medical Leave Act Employment 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.

Deductions 245

Deductions Deductible Commissions Taxes 245

InterWest Insurance Services

FEBRUARY 18, 2025

It could also mean that drivers are choosing not to report damage that may fall below or slightly above their deductibles, which policyholders have been increasing to reduce their premiums. Between January 2019 and July 2024, the average first-party deductible grew by 47% in the U.S. The average age of U.S. vehicles hit a record 12.6

Insurance 84

Insurance Deductions Deductible IT 84

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. There are several ways individuals contribute to their retirement benefits. Types of Qualified Retirement Plans.

Retirement Plan 246

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

HR Lineup

APRIL 19, 2024

Employee Stock Purchase Plans (ESPPs): ESPPs allow employees to purchase company stock at a discounted price, often through payroll deductions. Once the restrictions expire, the shares become fully owned by the employee. Retention and Incentives: Equity compensation serves as a powerful tool for employee retention and motivation.

Equity Compensation 246

Equity Compensation IT Taxes Compensation Equity 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). Not surprisingly, much of the news was negative; e.g., soaring prices for food, gas, utilities, cars, insurance, and more.

401(k) 246

401(k) Banking Deductions Deductible 246

Qandle

JANUARY 29, 2025

5 Streamlines Benefit Deductions Benefit deductions, such as healthcare premiums, retirement contributions, and other employee benefits, can be complex to calculate. Payroll software simplifies this process by automatically applying the correct deductions based on employee benefits selections. Why Compliance Matters?

Payroll Software 90

Payroll Software Software Payroll Overtime 90

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. What is a Non-Qualified Deferred Compensation Plan?

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

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

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

HR Lineup

JUNE 18, 2024

Legitimate employers typically cover these costs or deduct them from the employee’s salary after hiring. In an increasingly digital world, the job market has seen a significant shift towards online platforms. If an offer seems too good to be true, it probably is. Legitimate employers will give you sufficient time to consider their offer.

Recruitment 245

Recruitment IT Banking Media 245

HR Lineup

SEPTEMBER 24, 2024

Key Features: Automated payroll processing: Technology ensures timely and accurate payments by automating payroll tasks such as salary calculations, tax deductions, and overtime. The objective of HTR is to create a seamless experience for employees while optimizing workforce management and enhancing organizational efficiency.

Retirement Plan 245

Retirement Plan Recruitment Technology Salary 245

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. IRMAA seems very punitive.

401(k) 245

401(k) Taxes Pension Deductions 245

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

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). Specifically, taxable investments (e.g.,

Taxes 189

Taxes 401(k) Flexible Spending Account Deductions 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. Make sure that you have the deductible amount (e.g., Do this (e.g.,

Insurance 182

Insurance Deductions Deductible Health Insurance 182

Best Money Moves

SEPTEMBER 25, 2024

copay or deductible). Even with insurance, many employees struggle with medical debt Despite having employer-sponsored health insurance, research has shown that many employees struggle to access healthcare. Having health insurance does not guarantee access to healthcare or the ability to afford it. Managing healthcare costs isn’t easy.

Healthcare 105

Healthcare Health Insurance Medical Insurance 105

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.

Deductions 52

Deductions Deductible Health Savings Account Flexible Spending Account 52

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. In the realm of business operations, payroll management stands as a fundamental pillar.

Payroll 181

Payroll Payroll System Deductions Deductible 181

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.

Deductions 52

Deductions Deductible Taxes Flexible Spending Account 52

Qandle

FEBRUARY 17, 2025

Payroll Management & Salary Slips With ESS payroll access, employees can view and download their salary slips, check tax deductions, and update banking information. But what exactly is ESS, and how does it work? Lets dive in! Looking for the Best HR Software ? Check out the Best HR Software. What Is Employee Self Service (ESS)?

IT 71

IT Software Payroll Banking 71

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

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. As we close out 2021 and get ready to welcome 2022, it is a good time to consider the impact of indexes (a.k.a., indices) on our financial lives. Many take effect upon the start of a new year.

401(k) 232

401(k) Pension Taxes Deductions 232

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.

Deductions 52

Deductions Deductible Flexible Spending Account Healthcare 52

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. Paycheck City. Quickbooks Payroll.

Taxes 245

Taxes Software Payroll Deductions 245

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

HR Lineup

SEPTEMBER 1, 2021

It should also ensure that employees receive accurate information concerning their wages/salaries or any other deductions. Any business requires the best payroll software 2021 to manage its employees’ payroll. The software should be very effective to manage taxes and employee benefits. Quickbooks Payroll.

Payroll Software 243

Payroll Software Payroll Software Human Resources 243

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.

Deductions 52

Deductions Deductible Healthcare Medical 52

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 Finance 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. In this article, we will delve into the concept of global payroll, its challenges, and the importance of effective global payroll management.

Global Payroll 238

Global Payroll Payroll Payroll System Payroll Software 238

Sodexo Engage

OCTOBER 22, 2024

Refurbished Tech and lifestyle-improving Salary Deduct Schemes. Refurbished Tech Scheme - Save up to 60% on refurbished devices - paid upfront or through salary deductions. SmartPay - Spread the cost of unexpected home and essential purchases through salary deductions. Electric Car and Cycle to Work Salary Sacrifice Schemes.

Employee Benefits 52

Employee Benefits Retail Deductions Deductible 52

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. It is not uncommon for American taxpayers of all ages to have multiple streams of income.

Taxes 278

Taxes Pension Deductions Deductible 278