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

Business Management Daily

MARCH 3, 2023

Congress routinely showers small businesses with tax preferences. And now is the time to think about them, since the tax-filing deadlines for calendar-year corporate returns are fast approaching—March 15 for S corps and April 18 for C corps. But there is a difference between the two: Tax deductions reduce your taxable income.

Deductible 98

Deductible Deductions Taxes Health Insurance 98

Patriot Software

JUNE 21, 2021

Providing health insurance benefits to your employees can leave you with a lot of questions. If you have your employees contribute to their premiums, you have to know how to deduct the cost from their gross pay. But, are payroll deductions for health insurance pre-tax?

Health Insurance 78

Health Insurance Deductible Deductions Gross Pay 78

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 on Social Security Benefits - Income from unretiring may push older taxpayers into the income range where tax is due on a portion of Social Security benefits.

Disability Insurance 246

Disability Insurance Taxes Health Insurance Pension 246

InterWest Insurance Services

SEPTEMBER 9, 2022

Even though the majority of workers receive health insurance coverage on the job, a new survey has found that many of them understand surprisingly little about their health plans and are leaving money on the table. Most health plans do not cover out-of-network care. Most health plans do not cover out-of-network care.

Health Insurance 98

Health Insurance Insurance Deductible Deductions 98

Qandle

JANUARY 29, 2025

For companies of all sizes, adhering to labor rules, tax laws, and industry standards is a major challenge. These laws may include tax regulations, labor laws, social security contributions, and employee benefits mandates. They can also change frequently due to updates in labor laws, tax codes, or social security policies.

Payroll Software 90

Payroll Software Software Payroll Overtime 90

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 Deductible 162

HR Digest

SEPTEMBER 14, 2020

Under the Affordable Care Act, there is a subsidy available for small businesses that provide health insurance to their employees. To qualify, the startup must have fewer than 25 full-time equivalent employees, pay average annual wages below $50,000 and contribute 50% or more toward employees’ self-only health insurance premiums.

Health Insurance 98

Health Insurance Insurance Deductible Deductions 98

InterWest Insurance Services

DECEMBER 9, 2021

HDHP telehealth services — The CARES Act, signed into law in 2020 after the pandemic started, temporarily allowed high-deductible health plans to pay for telehealth services before an enrollee had met their deductible. 1, 2022, HDHPs must charge enrollees for telehealth services if they have not yet met their deductible. .

Health Insurance 98

Health Insurance Insurance Insurance Carriers Deductible 98

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. HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses.

Deductible 98

Deductible Deductions Out of Pocket Cost Health Savings Account 98

Insperity

MAY 13, 2015

If you’re shopping for group health insurance for your company the first or second time around, it can be hard to make a confident choice. Not to mention, the Affordable Care Act (ACA) has changed the group health insurance market considerably. Health Savings Accounts. High-deductible health plans.

Health Insurance 84

Health Insurance Insurance Out of Pocket Cost Health Savings Account 84

WEX Inc.

SEPTEMBER 4, 2024

Whether you’re transitioning from your parents’ insurance, landed your first full-time job, or are simply obtaining coverage for the first time, choosing health plans and employee benefits options can be overwhelming. For starters, let’s look at a few considerations when evaluating health plans for the first time.

Deductible 52

Deductible Deductions Flexible Spending Account Healthcare 52

WEX Inc.

JULY 24, 2024

These communication tactics can be especially useful if you’re updating major health insurance options, like switching to a high-deductible health plan (HDHP) or adding a health savings account (HSA) and want to measure the outcomes of these changes. It is not legal or tax advice.

Health Savings Account 59

Health Savings Account Taxes Health Insurance Consulting 59

InterWest Insurance Services

JANUARY 17, 2023

If you decide to keep them on the company’s plan, how you handle their insurance depends on your size: Fewer than 20 employees — Employees who work for these firms will need to enroll in Medicare when they turn 65. Medicare will be the primary payer of health insurance claims for these workers under the law.

Health Insurance 97

Health Insurance Insurance Health Savings Account Hospitality 97

PeopleKeep

NOVEMBER 15, 2021

Choosing an S-corporation to form your business comes with several impressive tax advantages. You don’t pay corporate income tax, and your social security and Medicare taxes are lower. In fact, profits are allocated to shareholders and taxed at that point.

Health Insurance 52

Health Insurance Deductible Deductions Insurance 52

HR Lineup

JUNE 9, 2024

Key Features: Payroll and tax compliance Applicant tracking Onboarding Learning management Workforce analytics Benefits: User-friendly interface Strong customer support Efficient payroll processing Drawbacks: Limited advanced HR features Mobile app could be improved 9. It combines ease of use with robust functionality.

Software 246

Software Payroll Human Resources Overtime 246

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. Now is a good time to explore money-saving strategies to reduce insurance costs. Automated Payments Review - Payments for utilities (e.g.,

401(k) 189

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

Money Talk

AUGUST 16, 2023

Tax on Social Security Benefits - Those who work and claim benefits will trigger taxes with a combined income above $25,000 (individuals) or $32,000 (married couples filing jointly). Continued FICA Tax - Like all workers, employed older adults must pay Social Security/ Medicare tax. Other benefits also continue.

Taxes 130

Taxes Pension Deductible Deductions 130

PeopleKeep

OCTOBER 26, 2020

The percentage of workers covered under HDHP plans has increased from four percent of all employer-sponsored health insurance plans in 2006 to 31 percent in 2020. A high deductible health plan (HDHP) paired with a Health Savings Account (HSA) is growing in popularity because it allows employees to pay for medical expenses tax-free.

Deductible 75

Deductible Deductions Health Savings Account Health Insurance 75

WEX Inc.

SEPTEMBER 18, 2024

When approaching open enrollment, do … Evaluate available health insurance plans. Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. Engage in opportunities to learn more about available plans.

401(k) 52

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

PeopleKeep

NOVEMBER 6, 2020

Many small organizations we talk to want to know more about the tax deductibility of medical premiums. This article discusses when medical premiums are eligible pre-tax as opposed to after-tax.

Taxes 75

Taxes Medical Deductible Deductions 75

Higginbotham

JANUARY 4, 2022

Ancillary health insurance is a secondary type of coverage used to supplement your traditional health insurance. The term “ancillary” means “providing additional help or support,” and that’s just what ancillary health insurance does. Examples of Ancillary Health Insurance. Vision Insurance.

Health Insurance 52

Health Insurance Insurance Disability Insurance Life Insurance 52

InterWest Insurance Services

MARCH 4, 2022

As rising health insurance premiums and out-of-pocket costs for health care are burdening workers, more employers are looking for ways to help their staff put aside money for those expenses. Fortunately, there is another option: a health reimbursement arrangement (HRA). Qualified medical expenses. How HRAs work.

Medical 98

Medical Health Insurance Out of Pocket Cost Deductible 98

Qandle

DECEMBER 5, 2023

Understanding Payroll Processing: At its core, payroll processing involves calculating employee compensation, including salaries, wages, bonuses, and deductions. This intricate task demands precision to comply with tax regulations and ensure employees receive their rightful earnings. Looking for the Best HR Payroll Process ?

Payroll 98

Payroll Net Pay Gross Pay Payroll System 98

Higginbotham

SEPTEMBER 16, 2024

Are you offering your employees health insurance options that work for their budgets? 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.

Deductible 52

Deductible Deductions Health Savings Account Health Insurance 52

Fringe Benefit Analysts

FEBRUARY 25, 2021

Why is Health Insurance Important? . Medical insurance is critical to help individuals pay for these, and many other, health-related expenses. Medical insurance is critical to help individuals pay for these, and many other, health-related expenses. What is Group Health Insurance?

Health Insurance 52

Health Insurance Insurance Hospitality Health 52

HR Lineup

DECEMBER 4, 2023

The platform automates payroll processes, ensuring accuracy and compliance with tax regulations. It supports various payment methods and deductions, making it adaptable to diverse payroll structures. Furthermore, Namely keeps pace with changing tax laws and compliance requirements, minimizing the risk of errors and penalties.

Payroll 130

Payroll Retirement Plan Human Resources Health Insurance 130

HR Lineup

FEBRUARY 9, 2023

One of the key features of Ease is its benefits administration module, which allows businesses to offer their employees a range of benefits such as health insurance, 401(k) plans, and paid time off. Another key component of Ease is its payroll management module, which helps businesses process their payroll accurately and efficiently.

401(k) 130

401(k) Payroll Manager Payroll Health Insurance 130

Qandle

NOVEMBER 27, 2023

First and foremost, it requires a thorough understanding of applicable laws and regulations related to wages, taxes, and deductions. Automated systems can handle complex calculations, tax withholdings, and generate detailed reports, enhancing overall efficiency. Tax compliance is a significant aspect of payroll management.

Payroll Manager 98

Payroll Manager Payroll Gross Pay Payroll Software 98

Benefit Resource Inc.

OCTOBER 11, 2018

What is a pre-tax benefit account? A pre-tax benefit account allows you to set aside money from your paycheck before taxes to use for IRS-approved purchases. The items you can pay for through a pre-tax benefit account depends on which plan(s) you have. Health Reimbursement Account. Medical FSA. Dependent Care FSA.

Taxes 74

Taxes Health Savings Account Medical Deductible 74

InterWest Insurance Services

MAY 16, 2024

After enrollment in high-deductible health plans soared during the last decade, 2022 marked the first year that enrollment in these plans fell among American workers since 2013, according to a new report by ValuePenguin. The insurance-review website found that 54% of U.S. HSAs can be moved when an employee switches jobs.

401(k) 98

401(k) Deductible Deductions Health Savings Account 98

InterWest Insurance Services

JUNE 13, 2024

Employer adoption of specialized accounts that they fund to help reimburse employees when they buy health insurance on their own is surging in 2024. Employers fund these accounts with money that employees can use to purchase health insurance, often on Affordable Care Act exchanges. These funds are not taxed.

Health Insurance 98

Health Insurance Insurance Deductible Deductions 98

HR Lineup

JUNE 29, 2023

It also handles tax deductions, benefits contributions, and compliance with labor laws, ensuring accurate and timely payments while reducing the risk of errors. Worklio also offers a powerful payroll management system that automates the calculation and distribution of employee salaries.

Payroll 130

Payroll Retirement Plan Commissions Health Insurance 130

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

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

InterWest Insurance Services

JUNE 6, 2024

After enrollment in high-deductible health plans soared during the last decade, 2022 marked the first year that enrollment in these plans fell among American workers since 2013, according to a new report by ValuePenguin. The insurance-review website found that 54% of U.S. HSAs can be moved when an employee switches jobs.

401(k) 96

401(k) Deductible Deductions Health Savings Account 96

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