Money Talk

JULY 25, 2024

Set aside a portion of self-employment income to send to the IRS for quarterly estimated tax payments (and/or over-withhold on a pension or Social Security) to ensure compliance with tax regulations. Contributions to non-Roth accounts are often tax-deductible, thereby reducing adjusted gross and, ultimately taxable, income.

Employment 162

Employment Health Insurance Pension Deductions 162

InterWest Insurance Services

OCTOBER 31, 2024

Over 80% of middle-market respondents report that they got their health insurance, disability insurance and retirement plan all through their employer. 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.

Disability Insurance 98

Disability Insurance Life Insurance Deductions Deductible 98

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. Ramp Up Retirement Savings - Consider increasing retirement savings in a tax-deferred employer retirement savings plan (e.g., 401(k), 403(b), and traditional IRA).

Taxes 263

Taxes 401(k) Deductions Deductible 263

WEX Inc.

MARCH 12, 2025

Make sure your W-2 form shows HSA payroll contributions Provided by your employer, your W-2 shows the wages you earned and any taxes withheld. It also shows pre-tax contributions made to your account by you and your employer through payroll deductions. You’ll need this form when filing your taxes.

Taxes 103

Taxes Health Savings Account Deductions Deductible 103

WEX Inc.

NOVEMBER 14, 2024

Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. You must be enrolled in a high-deductible health plan (HDHP) to be eligible, which lowers you insurance premiums. Your employer owns your FSA.

401(k) 98

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

Money Talk

MARCH 4, 2022

Required Minimum Distributions (RMDs) - Taxpayers with traditional IRAs, SEPs (self-employed), and employer retirement savings plans (401(k), 403(b), 457, and TSP) must begin annual RMDs upon reaching age 72. Increased Standard Deduction - Taxpayers age 65+ (and those who are blind) get an increased standard deduction on federal income taxes.

Taxes 245

Taxes 401(k) Deductions Deductible 245

Money Talk

OCTOBER 27, 2022

Below is a discussion of IRAs and details about how they can lower your taxes and provide a retirement savings nest egg: Description - An IRA enables workers with earned income (salary from a job or net earnings from self-employment) to save and invest for retirement. municipal bonds or bond funds).

Deductions 245

Deductions Deductible Commissions Taxes 245

Kollath CPA

DECEMBER 21, 2022

The operative word for business deductions is business. Tax Court to uphold a business-related deduction for surgical implants that enlarged her breasts. However, despite these career-enhancing changes, the IRS denied the deduction at first. She was with the IRS as a special agent (criminal investigator) and an attorney.

Deductions 97

Deductions Deductible Taxes Medical 97

Best Money Moves

SEPTEMBER 25, 2024

These are the best strategies employers can use to help. American families are in the midst of a healthcare crisis and employer-sponsored health insurance can’t keep up. copay or deductible). Here’s How You Can Help. Employees are experiencing a healthcare crisis due to financial concerns. Managing healthcare costs isn’t easy.

Healthcare 105

Healthcare Health Insurance Medical Insurance 105

HR Lineup

MARCH 13, 2022

In a defined benefit plan, an employer pays a predetermined amount at either termination of employment or retirement. In a defined benefit plan, an employer pays a predetermined amount at either termination of employment or retirement. An employer matches their employee’s deferred fraction of their compensation.

Retirement Plan 246

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

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. The employer can also contribute to its employees’ HSAs to encourage participation.

Deductions 98

Deductions Deductible Out of Pocket Cost Health Savings Account 98

HR Lineup

JULY 4, 2024

With the rising costs of transportation and the increasing awareness of environmental sustainability, commuter benefits have become an essential consideration for both employers and employees. By subsidizing these costs, employers help reduce the financial burden on employees who use public transportation to commute to work.

Transportation 246

Transportation Taxes Deductions Deductible 246

HR Lineup

MARCH 10, 2022

Nonqualified deferred compensation (NQDC) plans are among the benefits employers use to retain top talent , and if you are wondering what they are, this article clarifies everything. A non-qualified deferred compensation (NQDC) plan is whereby an employer reaches an agreement with an employee to pay them sometime in the future.

401(k) 246

401(k) Retirement Plan Deductions Deductible 246

Business Management Daily

MARCH 3, 2023

Tax credits vs. tax deductions The end result of taking tax credits and tax deductions is basically the same: You will pay less tax. But there is a difference between the two: Tax deductions reduce your taxable income. Any item you take as a tax credit can’t be used again as a tax deduction. In 2023, this amount is $2.89

Deductions 98

Deductions Deductible Taxes Health Insurance 98

HR Lineup

SEPTEMBER 24, 2024

This end-to-end process encompasses various stages of employment, including recruitment, onboarding, performance management, learning and development, compensation and benefits administration, career progression, and eventual retirement or departure from the organization.

Retirement Plan 245

Retirement Plan Recruitment Technology Salary 245

Money Talk

JANUARY 18, 2023

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., 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). million in 2022).

401(k) 246

401(k) Banking Deductions Deductible 246

CorpStrat

DECEMBER 4, 2024

As the year winds down, employers have a crucial opportunity to fine-tune their employee benefits strategy. Pairing high-deductible health plans (HDHPs) with Health Savings Accounts (HSAs) or adding wellness programs can help employees offset costs while staying engaged in their health. Let’s make it work for you.

Employee Benefits 52

Employee Benefits Employment Disability Insurance Health Savings Account 52

Qandle

JANUARY 29, 2025

Some of the most common compliance risks that businesses face in payroll include: Tax Compliance Risks: Employers are responsible for withholding federal, state, and local taxes from employee wages and remitting these amounts to the appropriate tax authorities. Payroll management is a crucial responsibility for any business.

Payroll Software 91

Payroll Software Software Payroll Overtime 91

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

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

JANUARY 2, 2022

Filing federal and state tax returns online can be challenging and overwhelming for employers. Since the process needs to be seamless and fast, employers are looking for effective tax filing solutions. These include ease of use, affordability, ability to identify credits and deductions, customer service, to name a few.

Taxes 245

Taxes Software Payroll Deductions 245

Money Talk

JUNE 8, 2022

Many older adults also have multiple income sources including Social Security, a pension, full-or part-time work or self-employment, withdrawals from retirement savings (including taxable required minimum distributions or RMDs), and interest, dividends, and capital gains on investments. In other instances (e.g.,

Taxes 278

Taxes Pension Deductions Deductible 278

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 10, 2022

67 for workers born in 1960 or later), Social Security deducts $1 from benefits for every $2 earned above the annual limit ($19,560 in 2022). Tax Withholding Adjustments - Adding income from employment to what could be multiple streams of income in later life (e.g.,

Disability Insurance 246

Disability Insurance Taxes Health Insurance Pension 246

InterWest Insurance Services

MARCH 22, 2022

The deadline is fast approaching for employers with 5 or more workers in California, and who do not already offer their employees a retirement plan, to register their staff for the CalSavers Retirement Savings Program. Employers with 50 or more workers – The deadline for registration was June 30, 2021. Employers can register here.

401(k) 98

401(k) Retirement Plan Employment Deductions 98

WEX Inc.

NOVEMBER 27, 2024

One emerging trend is employers offering their employees health plan options. 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. What’s an HDHP?

Deductions 52

Deductions Deductible Health Savings Account Flexible Spending Account 52

Higginbotham

MARCH 24, 2025

But, once you enroll in Medicare, you can no longer make contributions or receive contributions from your employer into your HSA account. If you have qualified employer-sponsored health insurance, you may want to delay Medicare enrollment past age 65. Can you have an HSA with Medicare? What if I have retroactive Medicare coverage?

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 52

HR Lineup

APRIL 1, 2024

However, they become subject to taxation in the host country based on their residency or employment status. This includes understanding residency rules, tax treaties, and any applicable exemptions or deductions. This involves considering factors such as income, allowances, deductions, and tax rates. What is Shadow Payroll?

Payroll 130

Payroll Payroll System IT Taxes 130

Employee Benefits

FEBRUARY 29, 2024

We’ve created a holistic picture of how employers can turn poor employee financial wellbeing around, and why doing so is an investment in the future. Of those, 57% expressed an interest in their employer providing them with financial education and advice. Employers should avoid allowing employees to use salary advancement regularly.

IT 111

IT Salary Deductions Deductible 111

BerniePortal

JUNE 2, 2022

Employers, on the other hand, know how complicated payroll can get, especially when it comes to withholding taxes. To employees, payroll may seem pretty straightforward.

Payroll 98

Payroll Employment Commissions Deductions 98

Business Management Daily

JUNE 28, 2024

As many of these young workers may be taking on their first job, employers must remember some important payroll considerations. First-Job Jitters It’s natural for employers and young employees to experience some jitters regarding payroll. A clear understanding of the basics can help alleviate those concerns.

Employment 97

Employment Net Pay Payroll Taxes 97

HR Lineup

MAY 14, 2024

In the realm of labor rights and employment regulations, ensuring fair wages is paramount. This article delves into what the Wage Protection System entails, its objectives, implementation, and its impact on both employers and employees. It acts as a safeguard against exploitation and arbitrary deductions by employers.

Electronics 237

Electronics Salary Government Banking 237

Best Money Moves

OCTOBER 1, 2024

Learn about how employers can help with financial wellness benefits. 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%).

Insurance 59

Insurance Deductions Deductible Retirement Plan 59

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. Many employers use a percentage of workers’ pay as a base to set raises or an index like the CPI. indices) on our financial lives. Many take effect upon the start of a new year.

401(k) 232

401(k) Pension Taxes Deductions 232

Flimp Communications

SEPTEMBER 26, 2024

The cost of healthcare and employer-sponsored health plans are on the rise in 2024. As several studies have attested, employees routinely choose sub-optimal health plans due to misunderstandings, cognitive biases, and pure momentum at great cost to themselves and their employers. It’s not easy being an HR professional these days.

Deductions 52

Deductions Deductible Healthcare Medical 52

InterWest Insurance Services

OCTOBER 27, 2022

The plans benefit employers, as well. Since the pre-tax benefits aren’t subject to federal social security withholding taxes, employers don’t have to pay FICA or workers’ comp premiums on those payments. A cafeteria plan can save employers an average of almost $115 per participant in FICA payroll taxes.

Flexible Spending Account 97

Flexible Spending Account Employment Flexible Spending Deductions 97

Money Talk

NOVEMBER 9, 2023

Examples include limiting earned income from a job or self-employment to a certain dollar amount and using tax-loss harvesting to offset realized capital gains on investments. Another way that some people proactively plan is to postpone deductible expenses until RMDs begin as a way to offset higher taxable income.

Pension 191

Pension Taxes Deductions Deductible 191