Remove Deductible Remove Flexible Spending Remove Payroll
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Flexible Spending Account Contribution Limit Climbs

InterWest Insurance Services

The IRS recently announced that the annual contribution limit for flexible spending accounts will rise to $3,200 in 2024, up $150 from this year. Earlier in 2023, the IRS also announced the maximum contribution limits to health savings accounts, which are similar to FSAs, but they must be attached to a high-deductible health plan.

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Mid-Year Financial Tweaks and Tasks

Money Talk

Flexible Spending Account (FSA) Tweak - Like HSAs, you know your health care spending so far. Use this information to adjust payroll deductions for a health care FSA (up or down). The 2023 maximum pre-tax contribution is $3,050. Ditto for child care FSA contributions.

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What are The Pre-Payroll activities? A detailed overview

Qandle

Pre-payroll activities refer to the tasks and processes that need to be completed before running the actual payroll for employees. Here is a detailed overview of pre-payroll activities: Data Collection: The first step in pre-payroll activities is collecting all the necessary data related to employees.

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Proliant

HR Lineup

With a strong emphasis on technology-driven solutions, Proliant empowers organizations to effectively manage their employees’ entire lifecycle, from recruitment and onboarding to payroll and benefits administration. One of the key strengths of Proliant is its robust payroll processing capabilities.

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Leap year! How to handle 27 biweekly payrolls in 2020

Business Management Daily

Hourly-paid nonexempts are impacted only to the extent of withholding and deductions. This avoids the problem, but many payroll systems aren’t set up to deal with these fractions. Employees’ benefits deductions and allowances (e.g., Most payroll systems allow you to suppress benefits’ deductions for the extra pay period.

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Employees and Employers Save with Cafeteria Plans

InterWest Insurance Services

A cafeteria plan can save employers an average of almost $115 per participant in FICA payroll taxes. Most companies currently have this set up through their payroll provider. A POP plan is the simplest type of Section 125 plan and requires little maintenance once it’s been set up through your payroll.

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Flexible Benefit Plans Give Employees More Options

InterWest Insurance Services

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Flexible spending account. The employee chooses how much they want to put into the plan each year and this is deducted from their paycheck automatically for each payroll period.