Money Talk

JANUARY 19, 2022

Make Tax-Advantaged Gifts - Consider “bunching” charitable donations with other tax deductions (e.g., state income tax and local property tax) every so often (e.g., high income years) to exceed the standard deduction and benefit from itemizing. All of these will impact 2021 taxes that are due in April.

Flexible Spending Account 187

Flexible Spending Account Taxes Pension Deductible 187

Flimp Communications

OCTOBER 30, 2024

Their tax advantages and investment potential can help employees reduce healthcare costs, save for retirement, and maximize tax refunds. 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.

Deductible 52

Deductible Deductions Taxes Flexible Spending Account 52

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

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

Benefit Resource Inc.

JANUARY 3, 2023

If you’re in the 70% of people who have health-related goals for 2023, let’s take a look at how pre-tax benefits can help set goals and prioritize your health this year and beyond. Add In Pre-Tax Benefits. Plus, any interest earned on the account is tax free and the money is ALWAYS yours! Set SMART Goals.

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

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

Benefit Resource Inc.

OCTOBER 31, 2022

But, there’s one thing that doesn’t have to be scary this Halloween —your pre-tax benefits! Commuter benefits, flexible spending accounts, dependent care, and health savings accounts are just a few of the great employee benefits available to help you save money and reduce stress. FSAs are Frightfully Easy.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

Benefit Resource Inc.

MAY 6, 2019

Two of the most common options are a Dependent Care FSA or the child care tax credit. A Dependent Care Flexible Spending Account (DC FSA) helps employees pay for eligible child care expenses by reducing taxable income through payroll deductions. The savings vary depending on which tax bracket an employee is in.

Taxes 85

Taxes Flexible Spending Account Flexible Spending Deductible 85

WEX Inc.

SEPTEMBER 18, 2024

Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. For example, do you have any new dependents who have healthcare needs and could be covered by a pre-tax benefits plan? Engage in opportunities to learn more about available plans.

401(k) 52

401(k) Health Savings Account Flexible Spending Account Healthcare 52

Money Talk

JUNE 29, 2022

In it, I urged a review of tax deductions/credits, tax withholding, budgeting/cash flow, flexible spending accounts, financial goal progress, and investment portfolio status. Last year, I wrote a blog post about mid-year financial check-up s for the OneOp Personal Finance team.

401(k) 189

401(k) Out of Pocket Cost Finance Flexible Spending Account 189

WEX Inc.

OCTOBER 15, 2024

While HSAs combine several of the best features of 401(k)s and flexible spending accounts (FSAs), they are often overlooked and underutilized. Employers’ contributions to employees’ HSAs are tax deductible. In addition, employees’ contributions to their own accounts reduce employers’ payroll taxes.

401(k) 52

401(k) Health Savings Account Flexible Spending Account Taxes 52

InterWest Insurance Services

MARCH 22, 2022

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Since the salary reductions are not received by the employee, they are not considered wages for income tax purposes. Flexible spending account. Set-up and tax implications.

Flexible Spending Account 96

Flexible Spending Account 401(k) Flexible Spending Deductible 96

WEX Inc.

OCTOBER 4, 2023

Participating in a health savings account (HSA) or flexible spending account (FSA) is a great way to save money. You must be enrolled in a high-deductible health plan (HDHP) to be eligible, which lowers you insurance premiums. You won’t need to pay Social Security or Medicare tax on the funds going into the FSA.

401(k) 98

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

InterWest Insurance Services

OCTOBER 27, 2022

As health care costs continue rising and employees are being asked to shoulder more of the expense burden, you can help them by offering a tax-advantaged plan that allows them to save for medical expenses. Employees can save an average of 30% in federal, state and local taxes on items they already pay for out of pocket.

Flexible Spending Account 97

Flexible Spending Account Employment Flexible Spending Deductible 97

Benefit Resource Inc.

DECEMBER 30, 2022

Pre-tax benefits are growing in popularity amongst employers and employees alike. This is because they offer a great way to save on taxes while still being able to use funds for medical, dependent care, and other expenses. In the last year alone, we’ve learned a lot about pre-tax benefits and how to maximize their potential.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

Benefit Resource Inc.

NOVEMBER 8, 2023

If you’re wondering what the difference is between a Medical Flexible Spending Account (Medical FSA) and a Dependent Care Flexible Spending Account (DC FSA), you are not alone. Can I pay my deductible with my Medical FSA? Maybe you didn’t realize there is more than one type of FSA to choose from.

Medical 98

Medical Flexible Spending Account Flexible Spending Deductible 98

InterWest Insurance Services

SEPTEMBER 23, 2024

These plans allow workers to withhold a portion of their pre-tax salary to cover certain medical or childcare expenses. The benefits are free from federal and state income taxes, employees’ taxable income is reduced and that means that employers don’t have to pay FICA on those dollars.

Flexible Spending Account 94

Flexible Spending Account Benefits Package Deductible Deductions 94

WEX Inc.

AUGUST 2, 2023

A flexible spending account (FSA) allows participants to save money by setting aside pre-tax dollars to pay for eligible medical, dental , vision and dependent care expenses incurred by you, your spouse, or your eligible dependents. It is not legal or tax advice. What is an FSA?

Flexible Spending Account 98

Flexible Spending Account Deductible Deductions Health 98

HR Lineup

JULY 10, 2023

The platform automates the entire payroll process, from calculating earnings and deductions to generating pay stubs and tax forms. It simplifies the enrollment and management of employee benefits programs, such as health insurance, retirement plans, and flexible spending accounts.

Flexible Spending Account 130

Flexible Spending Account Payroll Flexible Spending Retirement Plan 130

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. 7,750 for family coverage (up $450). The takeaway.

401(k) 98

401(k) Deductible Deductions Flexible Spending Account 98

WEX Inc.

MAY 2, 2024

For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention. Health reimbursement arrangement An HRA is an employer-funded benefits plan that employees use to save pre-tax dollars on medical costs. Also, employees do not pay federal income tax or employment taxes on contributions to the account.

Health Savings Account 98

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

Benefit Resource Inc.

DECEMBER 8, 2023

The Birth of HSAs HSAs were created with the vision of empowering individuals to take control of their healthcare expenses while providing tax advantages. The idea was to combine a high-deductible health plan (HDHP) with a tax-advantaged savings account, allowing individuals to set aside pre-tax dollars for qualified medical expenses.

Health Savings Account 98

Health Savings Account Flexible Spending Account Healthcare Taxes 98

WEX Inc.

FEBRUARY 15, 2023

Did you recently elect to participate in a medical flexible spending account (FSA) ? What is a medical flexible spending account (FSA)? A medical FSA is a tax-advantaged employee benefit that gives participants the opportunity to save on out-of-pocket medical, dental, and vision eligible expenses.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

Higginbotham

SEPTEMBER 16, 2024

While not ideal for everyone, a high-deductible health plan can be very appealing to some workers, especially when it’s paired with a health savings account. Offering a high-deductible health plan as part of an employee benefits package, therefore, may be a strategic option for your organization.

Deductible 52

Deductible Deductions Health Savings Account Health Insurance 52

WEX Inc.

OCTOBER 9, 2024

Health savings accounts (HSAs) and flexible spending accounts (FSAs) are often misunderstood, despite their significant financial advantages. It’s time to clarify the ins and outs of these tax-saving healthcare accounts and answer some HSA and FSA FAQs. The tax savings are significant.

Flexible Spending Account 95

Flexible Spending Account Health Savings Account Flexible Spending Taxes 95

Benefit Resource Inc.

MARCH 14, 2019

The name alone – “pre- tax benefit accounts” – implies there might be tax implications. You might be surprised to learn there are no tax implications for most of these benefits. Use these simple tips as your tax guide to pre-tax benefit accounts. In fact, they might be the easiest account at tax-time.

Taxes 63

Taxes Health Savings Account Deductible Deductions 63

InterWest Insurance Services

JULY 4, 2024

workers choosing high-deductible health plans has leveled off during the last two years, uptake has been growing rapidly among one segment of the working population: Gen Z employees. HDHPs feature higher deductibles and more out-of-pocket expenses in exchange for lower premiums upfront. While the number of U.S.

Voluntary Benefits 97

Voluntary Benefits Flexible Spending Account Deductible Deductions 97

Qandle

JUNE 20, 2023

This includes employee details such as names, addresses, social security numbers, tax withholding information, bank account details for direct deposit, and any changes in employment status or compensation. This includes tax regulations, employment laws, minimum wage requirements, and any changes in payroll-related legislation.

Payroll 98

Payroll Flexible Spending Account Overtime Payroll Software 98

WEX Inc.

AUGUST 15, 2023

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 98

Deductible Deductions Healthcare Flexible Spending Account 98

InterWest Insurance Services

MARCH 4, 2022

While health savings accounts have grown in popularity, you can only offer them to employees who are enrolled in high-deductible health plans. You can claim a tax deduction for the funds you transfer to your employees’ HRAs, and the funds they withdraw from the accounts to reimburse for medical-related expenses are generally tax-free.

Medical 98

Medical Health Insurance Out of Pocket Cost Deductible 98

InterWest Insurance Services

JULY 20, 2022

Keep in mind that the ritual of choosing a benefits package is a brand-new experience for people who are new to the workforce, and you should prepare to educate new employees on how to effectively choose and use their new coverages, as well as all the details like premiums, deductibles and out-of-pocket expenses.

Education 98

Education 401(k) Deductible Deductions 98

Genesis HR Solutions

JANUARY 24, 2023

Payroll deductions This item spells out each of the deductions the company withholds, including federal, state, and local taxes and other things, including voluntary deductions for benefits. An HSA can be used only if employees have a qualified High Deductible Health Plan (HDHP).

Family and Medical Leave Act 98

Family and Medical Leave Act Overtime Parental Leave Health and Welfare 98

PeopleKeep

APRIL 30, 2020

Medical reimbursement plans are IRS-approved health plans that allow for tax-free reimbursement for medical expenses. Because the reimbursements occur pre-tax, employees and employers often save up to 50% in combined taxes on the cost of medical expenses. Flexible Spending Accounts (FSAs). Tax Treatment.

Medical 72

Medical Flexible Spending Account Health Savings Account Health Insurance 72

Genesis HR Solutions

SEPTEMBER 22, 2020

Flexible Spending Account (FSA). According to Healthcare.gov , a Flexible Spending Account (also known as a flexible spending arrangement) is a special account employees put money into that they use to pay for certain out-of-pocket health care costs. Making sure payroll deductions are correct.

401(k) 98

401(k) Employee Benefits roth 401(k) Disability Insurance 98

Insperity

MAY 13, 2015

First and second time group health insurance buyers usually miss the opportunity to buy a health savings account (HSA)-qualified high-deductible health plan (HDHP). HSAs are individually-owned, tax-advantaged accounts that can be used to pay for current or future health care expenses. High-deductible health plans.

Health Insurance 87

Health Insurance Insurance Out of Pocket Cost Health Savings Account 87

Benefit Resource Inc.

MAY 5, 2020

The CARES Act introduced new eligible items that you can purchase with funds from your pre-tax benefits accounts (FSAs, HSAs, and HRAs). Since the funds in these accounts are deducted from payroll pre-tax, you can save up to 40% on items that you already buy! That doesn’t mean you can’t enjoy the nice weather!

Taxes 77

Taxes Medical Deductible Deductions 77

Benefit Resource Inc.

MARCH 12, 2019

This may be the shortest blog on pre-tax benefits you will ever read. We’re going to take 5 minutes to redefine 9 confusing pre-tax phrases used in pre-tax benefits. Pre-tax benefits. Pre-tax benefits are, in effect, a way to decrease your income before taxes so you pay less in taxes.

Taxes 63

Taxes Flexible Spending Account Health Savings Account Medical 63