PayrollOrg

MAY 10, 2024

The IRS announced the 2025 maximum contribution levels for health savings accounts (HSAs) and out-of-pocket spending limits and deductible minimums for high deductible health plans that must be used in conjunction with HSAs.

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Health Savings Account Deductible Deductions 260

Vantage Circle

AUGUST 1, 2024

A significant return on investment from awards is augmented by their tax deductibility. As per the Internal Revenue Service, you can deduct up to $400 for non-qualified employee achievement awards and $1,600 for qualified awards given to the same employee within a year.

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Deductible Deductions Taxes Bonuses 95

WEX Inc.

OCTOBER 2, 2024

To take advantage of an HSA, you need to participate in an HSA-eligible health plan (or high-deductible health plan). HSA-eligible health plans typically have lower premiums but higher deductibles. Assess your ability to cover the deductible before choosing this plan.

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Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 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. The 2022 standard deduction is $12,950 for individuals ($14,700 age 65+) and $25,900 for married filing jointly ($28,700 if both spouses are age 65+).

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Taxes 401(k) Deductible Deductions 263

Employee Benefit News

MARCH 25, 2024

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

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Taxes Deductible Deductions Employee Compensation 299

McDermott Will & Emery Employee Benefits

MAY 9, 2024

The Internal Revenue Service (IRS) recently announced (see Revenue Procedure 2024-25) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs) for 2025.

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Health Savings Account Deductions Deductible Employee Benefits 105

HR Lineup

JANUARY 29, 2024

A pay stub not only serves as a record of an employee’s earnings but also provides crucial information about deductions, taxes, and other financial details. Deductions: Federal and state taxes Social Security and Medicare contributions Health insurance premiums Retirement contributions 4. Deductions and Taxes 1.

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Net Pay Deductible Deductions Payroll Software 246

InterWest Insurance Services

DECEMBER 5, 2024

New guidance issued by the IRS expands the types of preventive care benefits that high-deductible health plans are required to cover with no out-of-pocket costs on the part of plan enrollees. Benefits under HDHPs typically do not kick in until the enrollee has met their deductible.

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Out of Pocket Cost Health Savings Account Deductible Deductions 97

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. Other voluntary benefits like critical illness insurance can fill in the gaps when employees have a high deductible.

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Deductions Deductible Out of Pocket Cost Health Savings Account 98

PayrollOrg

MAY 24, 2024

The Connecticut Department of Labor has issued earned wage access (EWA) guidance for employers that includes information about wage deductions for fees.

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Employment Deductible Deductions 260

InterWest Insurance Services

APRIL 24, 2025

For years,high-deductible health plans have been the most common type of health insurance that employers offer. How HDHPs work and their drawbacks An HDHP typically featureslower monthly premiumsin exchange for ahigher annual deductible. HDHPs surged in popularity between 2013 and 2021, peaking at 55.7% enrollment.

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Out of Pocket Cost Employment Deductible Deductions 83

HR Lineup

APRIL 15, 2025

It automates critical tasks like calculating driver settlements, managing multi-state tax compliance, tracking hours or mileage, handling benefits deductions, and generating reports for tax filing. Axis TMS Payroll Overview Axis TMS provides a full transportation management system with built-in payroll tools for fleet operators.

Payroll Software 130

Payroll Software Payroll Software Transportation 130

HR Lineup

MARCH 23, 2025

Benefits tracking with automated enrollment and deduction calculations. Payroll & Benefits Administration Automated payroll processing with real-time tax calculations. Multi-currency support for global payroll management. Workforce Planning & Succession Management Predictive analytics to identify future leadership potential.

Payroll 233

Payroll Global Payroll Human Resources Taxes 233

WEX Inc.

MARCH 12, 2025

It also shows pre-tax contributions made to your account by you and your employer through payroll deductions. Its a little different from your W-2 because itll show any contributions not just those made through payroll deductions. You’ll need this form when filing your taxes. On the other hand, a 5498-SA reports contributions.

Taxes 103

Taxes Health Savings Account Deductible Deductions 103

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) 98

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

Money Talk

OCTOBER 27, 2022

History - In the early 1980s, federal legislation created a tax-deductible IRA for anyone with earned income. Significant changes in 1986 established income limits for participants in an employer-sponsored retirement plan that eliminated the tax deductibility of traditional IRA contributions for some people.

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Deductible Deductions Commissions Taxes 245

HR Lineup

MARCH 13, 2022

However, the tax deduction is limited to a maximum of 25% of the total salary of the employees in this qualified employee benefit plan. As an employer, your contributions towards a qualified plan are tax-deductible. The employer then accumulates the resulting total over a specified period as part of the employee’s retirement.

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

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.

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Employment Deductible Deductions Taxes 215

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) Deductible Deductions 189

Qandle

JANUARY 29, 2025

5 Streamlines Benefit Deductions Benefit deductions, such as healthcare premiums, retirement contributions, and other employee benefits, can be complex to calculate. Payroll software simplifies this process by automatically applying the correct deductions based on employee benefits selections.

Payroll Software 90

Payroll Software Software Payroll Overtime 90

InterWest Insurance Services

FEBRUARY 18, 2025

It could also mean that drivers are choosing not to report damage that may fall below or slightly above their deductibles, which policyholders have been increasing to reduce their premiums. Between January 2019 and July 2024, the average first-party deductible grew by 47% in the U.S. We can help you think through these decisions.

Insurance 84

Insurance Deductible Deductions IT 84

Money Talk

JANUARY 18, 2023

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). Marginal Tax Brackets - Income ranges in the seven marginal tax brackets ranging from 10% to 37% are inflation-based.

401(k) 246

401(k) Banking Deductible Deductions 246

HR Lineup

MARCH 10, 2022

Note that with both plans, tax accumulates, and the IRS will deduct employees during retirement as if they were ordinary income. . An employer deducts a specific amount of money from the employees’ salaries to fund their retirement. For example, consider your financial circumstances, such as the amount of tax deducted when claiming it.

401(k) 246

401(k) Retirement Plan Deductible Deductions 246

HR Lineup

JULY 4, 2024

Payroll Deductions: Employers deduct the elected pre-tax amount from employees’ paychecks each pay period. These deductions are then used to pay for the chosen commuter benefits. Employer: Jane’s employer deducts $150 from her pre-tax income each month and provides her with a transit pass.

Transportation 246

Transportation Taxes Deductible Deductions 246

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) Deductible 189

Money Talk

JUNE 16, 2023

Of course, policy deductibles (e.g., $500) All policies have very specific language about types of losses that are covered (e.g., hurricane damage) and those that are not (e.g., flood damage and business use of a home). 500) apply before any damage claims are paid. Learn the Claims Process - Write down the steps to file a claim.

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Deductible Deductions Insurance Banking 240

HR Lineup

SEPTEMBER 24, 2024

Key Features: Automated payroll processing: Technology ensures timely and accurate payments by automating payroll tasks such as salary calculations, tax deductions, and overtime. By streamlining these operations, organizations can reduce errors and enhance employee satisfaction.

Retirement Plan 245

Retirement Plan Recruitment Technology Salary 245

Money Talk

AUGUST 3, 2022

Consider Tax-Saving Gifts - Only about 10% of taxpayers today can itemize deductions and it generally requires a plan to aggregate sufficient deductible expenses that exceed the standard deduction amount ($12,950 for singles and $25,900 for married couples filing jointly).

Taxes 189

Taxes 401(k) Flexible Spending Account Deductible 189

Money Talk

AUGUST 8, 2024

Otherwise, you could overlook valuable tax deductions (e.g., Consider accelerating deductions (e.g., bunching itemized deductions in one year) when you realize large capital gains, have a high-earning year, or are near “tripwires” for tax on Social Security, IRMAA Medicare premiums, and the net investment income tax.

Taxes 176

Taxes Deductible Deductions Finance 176

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.

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Deductible Deductions Health Savings Account Flexible Spending Account 52

Money Talk

NOVEMBER 15, 2022

Revisit Your Deductibles - Check with your insurance agent on policy premium costs and consider raising the deductibles on your policy (e.g., a $500 to a $1,000 deductible), however, only if there is significant savings. a $500 to a $1,000 deductible), however, only if there is significant savings. Do this (e.g.,

Insurance 182

Insurance Deductible Deductions Health Insurance 182

Best Money Moves

SEPTEMBER 25, 2024

copay or deductible). Having health insurance does not guarantee access to healthcare or the ability to afford it. Employees often pay out-of-pocket for a portion of their healthcare costs (e.g., And after multiple visits or treatments, healthcare costs can rack up fast.

Healthcare 105

Healthcare Health Insurance Medical Insurance 105

Fringe Benefit Analysts

OCTOBER 17, 2024

Insurance carriers can still charge more by age, but a sick 61-year-old and a healthy 61-year-old would pay the same amount for coverage with the same deductibles and out-of-pocket maximums.

Insurance Carriers 98

Insurance Carriers Insurance Family and Medical Leave Act Employment 98

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

Money Talk

NOVEMBER 9, 2023

Another way that some people proactively plan is to postpone deductible expenses until RMDs begin as a way to offset higher taxable income. Examples include an older landlord delaying rental property improvements until after RMD age and delayed itemized deduction bunching.

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Pension Taxes Deductible Deductions 191

Flimp Communications

SEPTEMBER 26, 2024

By helping employees recognize the value and quality of options such as high-deductible health plans (HDHPs), your HR team can maximize your benefits budget while boosting employee satisfaction with your plan offerings. As a result, they default to the plans with the lowest deductibles or simply roll over the same plan year after year.

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Deductible Deductions Healthcare Medical 52

Take It Personel-ly

MARCH 11, 2021

After all, you can often take advantage of tax deductions for doing so. If you have a company car, why not take advantage of the opportunity to upgrade it? What can you do that won’t require a hefty capital expenditure? Here are six low-cost ways to improve your company car so that you and your […].

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Deductible Deductions Taxes IT 169