Patriot Software

JUNE 18, 2024

Tax withholding is an essential piece of the payroll puzzle. One of the taxes you must withhold from employee wages is the Old-Age, Survivors, and Disability Insurance (OASDI) tax. You must also contribute an employer portion of the OASDI tax. OASDI tax is more commonly referred to as Social Security tax.

Disability Insurance 78

Disability Insurance Taxes Insurance Deductible 78

Patriot Software

AUGUST 31, 2022

You also need to subtract deductions from payroll. Deductions include taxes, pre-tax deductions, and post-tax deductions from payroll. You will deduct post-tax deductions after you withhold pre-tax deductions and taxes.

Deductible 78

Deductible Deductions Taxes Payroll 78

Money Talk

AUGUST 3, 2022

This phrase was designed to encourage investors to buy tax-free municipal bonds that provide a higher after-tax return than higher-yielding taxable bonds. In a more general way, the advertisement was also promoting the concept of tax-efficient investing. no tax for New Jersey residents on a New Jersey-issued bond).

Taxes 189

Taxes 401(k) Flexible Spending Account Deductions 189

Money Talk

APRIL 14, 2022

The 2021 income tax season will soon be in the history books. With income tax calculations still fresh in our heads, this is a great time to do some tax planning for 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.

Taxes 189

Taxes Family and Medical Leave Act 401(k) Deductions 189

Patriot Software

AUGUST 31, 2022

Do you withhold the premiums and contributions before or after taxes? So, you must understand the difference between pre-tax vs. post-tax deductions. Pre-tax vs. […] READ MORE. If you provide benefits to employees, you probably wonder how to withhold wages for the benefits properly.

Deductible 78

Deductible Deductions Taxes IT 78

Money Talk

DECEMBER 7, 2023

As the year winds down so, too, does your opportunity to take proactive steps to reduce 2023 income tax due in April 2024 and, perhaps, taxes due in future years as well. Below are some money-saving tax planning strategies to consider. tax-deferred retirement plan contributions and charitable gifting) are already accounted for.

Taxes 206

Taxes Retirement Plan Deductions Deductible 206

Money Talk

JUNE 8, 2022

A big concern of people with multiple income streams is adequate tax withholding. Nobody want to pay the IRS tax underpayment penalty, which is 0.5% of the amount owed for each month or partial month of unpaid taxes. mutual fund dividend and capital gain distributions), and tax withholding. In other instances (e.g.,

Taxes 278

Taxes Pension Deductions Deductible 278

WEX Inc.

JUNE 20, 2024

Tax deductions if you have a fleet of commercial vehicles Are you a small or large business owner with commercial vehicles, or a fleet manager? Calculating your commercial vehicle spend and how it will be impacted at tax time, including mileage and leasing, can make a huge difference in your overall expenses.

Bonuses 98

Bonuses Taxes Deductions Deductible 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

Kollath CPA

DECEMBER 21, 2022

The operative word for business deductions is business. But Block notes the tax laws are very serious. Tax Court to uphold a business-related deduction for surgical implants that enlarged her breasts. Tax Court to uphold a business-related deduction for surgical implants that enlarged her breasts.

Deductible 97

Deductible Deductions Taxes Medical 97

Patriot Software

AUGUST 31, 2022

You know there are deductions to take out of your employees’ paychecks. But, are they pre-tax vs. post-tax deductions? What are payroll deductions? Read on to learn the different deductions you have to take out of each employee’s paycheck. What are payroll deductions?

Deductible 94

Deductible Deductions Payroll Take Home Pay 94

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 86

Deductible Deductions Out of Pocket Cost Health Savings Account 86

Benefit Resource Inc.

JUNE 20, 2019

Not all payroll deductions are created equal. Some people (although not many) may engage in a heated debate on the value of pre-tax deductions vs. post-tax deductions. Colleagues (even in our own organization) have asked “Why do we need post-tax deductions?” What is a pre-tax deduction?

Deductible 53

Deductible Deductions Taxes Health Savings Account 53

Business Management Daily

AUGUST 30, 2024

The cafeteria-plan rules require employees to designate their pretax deductions before the start of the plan year. However, there are circumstances under which cafeteria plans may—but aren’t required to—allow employees to change their pretax deductions. Other laws, like the FMLA and HIPAA, come into play here, too.

Deductible 52

Deductible Deductions Employee Enrollments Medical 52

Employee Benefit News

MARCH 25, 2024

The IRS standard rate influences tax deductions, business operations, compliance requirements, financial planning and employee compensation strategies.

Taxes 108

Taxes Deductions Deductible Employee Compensation 108

Kollath CPA

FEBRUARY 10, 2022

When you’re filing your tax returns, what expenses can you deduct from business income? To start with, a business expense must be both ordinary and necessary to be deductible, according to the IRS. Deducting Business Expenses: Separating Fact From Myth. You must capitalize some costs rather than deduct them.

Deductible 80

Deductible Deductions Retirement Plan Taxes 80

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

Business Management Daily

AUGUST 31, 2023

Expenses that could previously be deducted on an employee’s tax return may no longer qualify, and relocation benefits that previously could be paid out without counting towards a taxpayer’s income may now result in higher tax liabilities. Can employees deduct their moving expenses? What is a relocation reimbursement?

Taxes 98

Taxes Deductions Deductible Bonuses 98

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

provisions make some significant changes for retirement plans , but CAA 2023 also extends the telehealth plan safe harbor for high-deductible health plans (“HDHPs”) that were first introduced in the 2020 CARES Act. Generally, a participant must pay their HDHP’s deductible before the plan can cover medical services.

Deductible 98

Deductible Deductions Health Savings Account Retirement Plan 98

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

Patriot Software

JUNE 21, 2021

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? Providing health insurance benefits to your employees can leave you with a lot of questions.

Health Insurance 74

Health Insurance Deductible Deductions Gross Pay 74

Patriot Software

APRIL 6, 2022

Employers juggle many responsibilities, including calculating and withholding payroll taxes and other deductions. But, what exactly does payroll taxes include? If you’re wondering about understanding payroll taxes, never fear—your payroll taxes breakdown is here. What are payroll taxes?

Taxes 98

Taxes Payroll Deductions Deductible 98

Kollath CPA

DECEMBER 21, 2022

The operative word for business deductions is business. But Block notes the tax laws are very serious. Tax Court to uphold a business-related deduction for surgical implants that enlarged her breasts. Tax Court to uphold a business-related deduction for surgical implants that enlarged her breasts.

Deductible 52

Deductible Deductions Taxes Medical 52

WEX Inc.

MARCH 7, 2023

The season for filing taxes is upon us once again. We wanted to share a few tips and reminders about the health savings account (HSA) information you’ll need for your tax return. 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.

Taxes 98

Taxes Health Savings Account Deductions Deductible 98

Take It Personel-ly

MARCH 1, 2021

If you recently became an employee who works from home, you might be wondering if you can use your home office as a tax deduction. Figuring out the home office tax deduction for a remote employee can be confusing, but we’re here to help break […]. According to one survey, 41.8%

Deductible 54

Deductible Deductions Taxes Work From Home 54

Employee Benefits

NOVEMBER 30, 2022

An employment tribunal has ruled that a former hotel worker employed by Luxury Family Hotels was unfairly dismissed and had an unlawful deduction of wages. The tribunal judge ruled that unlawful deductions were made from Murphy’s pay and ordered the hotel pay her £3,044.18. A further claim of disability discrimination was thrown out.

Deductible 105

Deductible Deductions Employment Employee Benefits 105

Proskauer's Employee Benefits & Executive Compensa

MARCH 22, 2022

Effective April 1, 2022, high-deductible health plans can once again offer first-dollar coverage for telehealth and other remote services without making participants ineligible for health savings account (“HSA”) contributions.

Deductible 97

Deductible Deductions Health Savings Account Taxes 97

HR Lineup

FEBRUARY 16, 2023

While the service is primarily known for its ease of use and convenience, it is important for users to understand the tax implications of using Cash App. This income is typically reported on a 1099 form, which will be provided to you by Cash App if you earn more than $600 in a given tax year.

Taxes 52

Taxes Deductions Deductible Consulting 52

Money Talk

OCTOBER 27, 2022

While taxpayers have until the tax filing deadline in April 2023 to contribute to an individual retirement account (IRA) for 2022, many people prefer to make all of their current year tax-saving moves before year-end. IRAs are not an investment, per se, but, rather, a special classification for tax purposes.

Deductions 245

Deductions Deductible Commissions Taxes 245

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

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). It will be a busy weekend for many taxpayers and tax preparers who are filing tax returns or tax filing extensions. money that has been taxed) and can be withdrawn at any time for any reason tax-free and penalty-free.

401(k) 185

401(k) Taxes Retirement Plan Pension 185

Qandle

SEPTEMBER 20, 2023

Payroll taxes are a crucial aspect of every employer’s financial responsibilities. These taxes are collected to fund various government programs and benefits, including Social Security, Medicare, and unemployment insurance. These withheld taxes are then remitted to the Internal Revenue Service (IRS) on a regular basis.

Taxes 52

Taxes Payroll Employment Deductions 52

PeopleKeep

MARCH 6, 2023

When building a benefits package, it’s important to understand which benefits can be paid for through pre-tax contributions and which are covered by post-tax deductions. Both pre-tax and post-tax benefits have their pros and cons.

Taxes 52

Taxes Deductions Deductible Benefits Package 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.

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.

401(k) 89

401(k) Flexible Spending Account Health Savings Account Flexible Spending 89

Qandle

OCTOBER 10, 2024

This process typically reviews payroll reports, employee information, timekeeping data, tax filings, and benefit deductions. This can include employee timecards, tax forms, benefit deductions, and payment records. A payroll system ensures that salary calculations and deductions are performed accurately and consistently.

Payroll Audit 82

Payroll Audit Payroll System Payroll Deductions 82

Money Talk

JANUARY 18, 2023

Marginal Tax Brackets - Income ranges in the seven marginal tax brackets ranging from 10% to 37% are inflation-based. When bracket incomes rise, people may be taxed at lower tax rates. Standard Deduction - The amount of income taxpayers can shelter from income taxes rises with inflation (e.g.,

401(k) 246

401(k) Banking Deductions Deductible 246