Money Talk

JUNE 8, 2022

Many older adults also have multiple income sources including Social Security, a pension, full-or part-time work or self-employment, withdrawals from retirement savings (including taxable required minimum distributions or RMDs), and interest, dividends, and capital gains on investments. In other instances (e.g.,

Taxes 278

Taxes Pension Deductions Deductible 278

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) Deductions Deductible 189

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.

Employment 104

Employment Deductible Deductions 104

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.

Deductions 75

Deductions Deductible Flexible Spending Account Health Savings Account 75

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) Deductions 189

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 Withholding Adjustments - Adding income from employment to what could be multiple streams of income in later life (e.g.,

Disability Insurance 246

Disability Insurance Taxes Health Insurance Pension 246

Money Talk

SEPTEMBER 30, 2022

A letter from the Social Security Administration (SSA) notifies beneficiaries of their expected benefit, including IRMAA deductions, if any. Three IRMAA Action Steps ¨ Reduce MAGI- MAGI is based on adjusted gross income (AGI) plus tax-exempt interest income and certain deductions that are added back. You can be grateful and strategic.

401(k) 245

401(k) Taxes Pension Deductions 245

Qandle

DECEMBER 11, 2023

Human Resources Information Systems (HRIS) are software solutions designed to streamline and enhance various HR functions within an organization. HRIS serves as a comprehensive database for employee information and supports a wide range of HR activities. What Is HR Information Systems ? Check out the HR Information Systems.

Human Resources 81

Human Resources Payroll Software Retirement Plan 81

InterWest Insurance Services

MARCH 22, 2022

The deadline is fast approaching for employers with 5 or more workers in California, and who do not already offer their employees a retirement plan, to register their staff for the CalSavers Retirement Savings Program. Employers with 50 or more workers – The deadline for registration was June 30, 2021. Employers can register here.

401(k) 98

401(k) Retirement Plan Employment Deductions 98

Money Talk

OCTOBER 19, 2023

Below are nine of my key take-aways from information that was provided about living well in later life and not running out of money during your lifetime: Medical Advances - Many of the leading causes of death today may no longer be as prevalent in another one or two decades due to medical research advances.

401(k) 216

401(k) Finance Medical Deductions 216

Money Talk

NOVEMBER 9, 2023

Examples include limiting earned income from a job or self-employment to a certain dollar amount and using tax-loss harvesting to offset realized capital gains on investments. Another way that some people proactively plan is to postpone deductible expenses until RMDs begin as a way to offset higher taxable income.

Pension 194

Pension Taxes Deductions Deductible 194

Business Management Daily

JUNE 28, 2024

As many of these young workers may be taking on their first job, employers must remember some important payroll considerations. First-Job Jitters It’s natural for employers and young employees to experience some jitters regarding payroll. A clear understanding of the basics can help alleviate those concerns.

Employment 97

Employment Net Pay Payroll Taxes 97

Money Talk

FEBRUARY 1, 2024

Automation is Key- One of the best “one and done” financial decisions that someone can make to build wealth over time is to set aside money automatically from each paycheck (or net income from self-employment) for retirement or other financial goals. blogs, podcasts, newspapers, etc.).

401(k) 191

401(k) Finance Pension Commissions 191

Money Talk

APRIL 11, 2024

One of the few things that taxpayers can do to reduce their income taxes after a calendar year ends is to make a tax-deductible contribution to a traditional individual retirement account (IRA) or a SEP-IRA (for small business owners and/or their employees). 401(k), 403(b), 457, or Thrift Savings Plan). There is no way out.

401(k) 188

401(k) Taxes Retirement Plan Pension 188

Global People Strategist

DECEMBER 12, 2023

Understanding local employment laws is crucial for those considering employment opportunities in this South American nation. Navigating the intricacies of Peru’s employment landscape involves grasping key aspects such as general labor laws, tax regulations, and employee benefits.

Employment 96

Employment Overtime Taxes Paid Leave 96

Business Management Daily

SEPTEMBER 22, 2021

Some employers start as early as September. Most employees elect coverage through their employer, but some may be eligible for marketplace coverage as well. Most employers have an open enrollment period of at least 2 to 4 weeks. Eligibility for HSAs is generally limited to people enrolled in High Deductible Health Plan (HDHP).

Employment 90

Employment Deductions Deductible Benefit Providers 90

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.

Employee Benefits 98

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 98

Workplace Insight

APRIL 2, 2024

There are a number of employment law changes coming into effect on 6 April 2024 that will impact SMEs the most. These modifications to employment law will profoundly influence the daily functions of businesses, especially during a period when SMEs face substantial economic challenges. percent of the hours worked during that pay period.

Parental Leave 114

Parental Leave Employment Deductions Deductible 114

Best Money Moves

SEPTEMBER 25, 2024

These are the best strategies employers can use to help. American families are in the midst of a healthcare crisis and employer-sponsored health insurance can’t keep up. copay or deductible). Here’s How You Can Help. Employees are experiencing a healthcare crisis due to financial concerns.

Healthcare 105

Healthcare Health Insurance Medical Insurance 105

WEX Inc.

MAY 10, 2024

2025 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. 2025 high-deductible health plan (HDHP) amounts and expense limits also increased. The 2025 HDHP minimum deductible is $1,650 for self-only coverage and $3,300 for family coverage. It is not legal or tax advice.

Health Savings Account 105

Health Savings Account Deductions Deductible Taxes 105

Business Management Daily

MAY 5, 2022

The plan sponsor, most likely the employer, bears all the investment risk and pays you a fixed amount every month until you die. The two main selling points of retirement plans, back in the 1980s, were lowering your taxable income through pretax deductions and portability—you take your money wherever you went next. He’s right.

401(k) 133

401(k) Retirement Plan Deductible Deductions 133

Money Talk

AUGUST 16, 2023

Still Working Exception - Older workers who stay put can postpone required minimum distributions (RMDs) on a current employer’s plan under the “ still working exception ” rules. Medicare Premium Tax Write-Off - Self-employed people age 65+ who are enrolled in Medicare Part B and D can deduct their monthly premiums against business income.

Taxes 130

Taxes Pension Deductions Deductible 130

WEX Inc.

MAY 8, 2023

More employees are enrolling in a high-deductible health plan (HDHP) each year, including more than half of U.S. HDHP vs. PPO deductible Nearly two-thirds of large employers provide their employees with the choice of an HDHP and a traditional health plan , such as a preferred provider organization (PPO).

Deductions 97

Deductions Deductible Health Savings Account Employee Enrollments 97

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. This is a great time to increase emergency savings or automatic deposits into an employer retirement savings plan (e.g., 401(k) or 403(b) plan).

401(k) 189

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

WEX Inc.

NOVEMBER 14, 2024

Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. You must be enrolled in a high-deductible health plan (HDHP) to be eligible, which lowers you insurance premiums. Your employer owns your FSA.

401(k) 98

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

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.

Out of Pocket Cost 89

Out of Pocket Cost Health Savings Account Deductions Deductible 89

HR Bartender

JULY 11, 2023

I must keep my employment tax knowledge current. Only this time with employment taxes. Just because the organization can do their own employment taxes, it doesn’t always mean they should. What are employment taxes? Can organizations file their employment taxes themselves? Back to ADP’s employment tax service.

Taxes 86

Taxes Employment Payroll Payroll System 86

Business Management Daily

MAY 3, 2021

Large HR departments and sole proprietors both need to fully understand what a company can and cannot claim as a deduction. Not keeping up on the most current information regarding expenses incurred for business-related meals and entertainment. Incorrectly figuring home office deductions when self-employed. for guidance.

Deductions 98

Deductions Deductible Taxes Payroll 98

WEX Inc.

MARCH 7, 2023

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. This form is not a requirement when filing taxes.

Taxes 98

Taxes Health Savings Account Deductions Deductible 98

WEX Inc.

JUNE 13, 2024

HSAs are portable, meaning that you can take it with you if you change employers and into retirement where funds may be used for non-qualified medical expenses. Employers can also contribute to their employees’ HSAs. A 401(k) is … A 401(k) is a retirement savings plan offered by many employers that provides tax advantages.

401(k) 96

401(k) Retirement Plan Health Savings Account Deductions 96

WEX Inc.

MAY 17, 2023

2024 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. 2024 high-deductible health plan (HDHP) amounts and expense limits also increased. The 2024 HDHP minimum deductible is $1,600 for self-only coverage and $3,200 for family coverage. Be bold in support of your employees' retirement needs!

Health Savings Account 98

Health Savings Account Deductions Deductible Taxes 98

InterWest Insurance Services

JULY 25, 2024

Every year employees across the country choose the wrong group health plan from their employer because they don’t understand the coverage and what type of plan is best for their circumstances. Additionally, 30% of employees say they need more information surrounding their benefits.

Deductions 95

Deductions Deductible Voluntary Benefits Medical 95

Insperity

FEBRUARY 11, 2021

As an employer you shoulder a lot of responsibility, especially when it comes to employee compensation. No matter the payroll process you choose, before you can pay your employees, you must first obtain an employer identification number (EIN) from the Internal Revenue Service (IRS). Locate or apply for your tax ID. Non-exempt.

Payroll 103

Payroll Overtime Deductible Deductions 103

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? Rather than taking the traditional vehicle depreciation over time, business owners and fleet managers can now take immediate deductions during tax season.

Bonuses 98

Bonuses Taxes Deductions Deductible 98

Money Talk

DECEMBER 21, 2022

For example, $100 in a mutual fund or 5% of pay every payday in an employer retirement savings plan. Dollar-cost averaging works best if investment deposits are “automated,” such as authorizing 401(k) plan payroll deductions or automatically debiting a bank account monthly for mutual fund share purchases.

401(k) 181

401(k) Banking Food Deductions 181

WEX Inc.

AUGUST 2, 2023

FSAs are an employer-owned account , and the IRS sets limits on annual FSA contributions. Employers can provide either a grace period to use the money within the plan year, or a carryover of up to $610 from the plan year. Combination FSA, which is a limited FSA that converts into a medical FSA once the IRS deductible is met.

Flexible Spending Account 98

Flexible Spending Account Deductions Deductible Health 98

Patriot Software

AUGUST 29, 2022

This article has been updated to include 2022 tax information. As an employer, you must stay on top of your payroll responsibilities, including federal, state, and local taxes and deductions. If you are an employer with employees who work in Washington state, you need to know about the Washington paid family leave program.

Medical 19

Medical Deductible Deductions Taxes 19