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

COMPackage

JULY 31, 2024

This article explores strategies for simplifying complex benefits information and creating total rewards statements that resonate with employees. Employees may struggle to understand terms like “copay,” “deductible,” or “HSA.”

401(k) 40

401(k) Health Insurance Retirement Plan Benefits Package 40

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! The relief allows, but does not require, HDHPs to provide telehealth and other remote care services on a pre-deductible basis without making participants health savings account (“HSA”) ineligible.

Deductions 52

Deductions Deductible Family and Medical Leave Act Health and Welfare 52

Money Talk

OCTOBER 27, 2022

Below is a discussion of IRAs and details about how they can lower your taxes and provide a retirement savings nest egg: Description - An IRA enables workers with earned income (salary from a job or net earnings from self-employment) to save and invest for retirement. For additional information about IRAs, review this U.S.

Deductions 245

Deductions Deductible Commissions Taxes 245

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

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! The relief allows, but does not require, HDHPs to provide telehealth and other remote care services on a pre-deductible basis without making participants health savings account (“HSA”) ineligible.

Deductions 40

Deductions Deductible Family and Medical Leave Act Health and Welfare 40

Money Talk

MARCH 4, 2022

Required Minimum Distributions (RMDs) - Taxpayers with traditional IRAs, SEPs (self-employed), and employer retirement savings plans (401(k), 403(b), 457, and TSP) must begin annual RMDs upon reaching age 72. Increased Standard Deduction - Taxpayers age 65+ (and those who are blind) get an increased standard deduction on federal income taxes.

Taxes 245

Taxes 401(k) Deductions Deductible 245

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. Ramp Up Retirement Savings - Consider increasing retirement savings in a tax-deferred employer retirement savings plan (e.g., 401(k), 403(b), and traditional IRA).

Taxes 263

Taxes 401(k) Deductible Deductions 263

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) 94

401(k) Retirement Plan Employment Deductions 94

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) 89

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

HR Bartender

OCTOBER 22, 2024

In her role at HUB International, Carrie works with clients to develop strategies that ensure compliance and risk mitigation when it comes to benefits and employment practices. If you have detailed questions, they should be addressed directly with your friendly neighborhood employment law attorney.

Family and Medical Leave Act 140

Family and Medical Leave Act Deductible Deductions Human Resources 140

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

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. Manually collecting and compiling this data increases the risk of missing information and errors.

Payroll Audit 82

Payroll Audit Payroll System Payroll Deductions 82

Qandle

SEPTEMBER 20, 2023

Payroll taxes are a crucial aspect of every employer’s financial responsibilities. Understanding which payroll taxes employers are responsible for is essential for compliance and financial planning. The current Social Security tax rate for employers and employees is 6.2% Check out the Payroll Software.

Taxes 52

Taxes Payroll Employment Deductions 52

Global People Strategist

DECEMBER 12, 2023

Austria, nestled in the heart of Europe, is renowned for its picturesque landscapes and robust employment laws. Navigating the Austrian employment landscape requires a nuanced understanding of the legal framework that governs the employer-employee relationship.

Employment 52

Employment Taxes Deductions Deductible 52

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

CorpStrat

JULY 16, 2024

For example, employers might consider that: – 90% of workers with single coverage have a general annual deductible – The average deductible for single coverage is $1,735 – 31% of covered workers have a general annual deductible of $2,000 or more for single coverage.

Utilities 52

Utilities Deductions Deductible Benefits Package 52

HR Bartender

AUGUST 28, 2018

Today’s reader note is questioning the number of deductions on their final pay. When I asked my employer to pay my final paycheck, including my unpaid sick and vacation as well as severance pay, they put the severance pay in the same final check as bonus. Now, my deductions are through the roof – making my net pay very small.

Deductions 73

Deductions Deductible Net Pay Bonuses 73

InterWest Insurance Services

NOVEMBER 7, 2024

It should be noted too that sometimes the regret comes after the plan year starts and an employee in a high-deductible plan, low- or no-premium plan has a health issue that crops up or an accident, and has to pay thousands out of pocket. 20% forgot to make changes to their benefit selections by the deadline.

Deductions 74

Deductions Deductible Education Media 74

Money Talk

JANUARY 18, 2023

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., 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). million in 2022).

401(k) 246

401(k) Banking Deductions Deductible 246

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 Deductible Deductions 114

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 Deductible Deductions Taxes 105

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 191

Pension Taxes Deductions Deductible 191

Money Talk

OCTOBER 10, 2024

Fewer than 20% of employers provide pensions and the Social Security trust fund is estimated to run out of money in 2033. Costs include Medicare premiums, deductibles, copayments and other out-of-pocket expenses. Lifelong learning is a key factor. Shop around for coverage during annual open enrollment season. screening exams). . ¨

Pension 196

Pension Taxes Deductions Deductible 196

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

Global People Strategist

DECEMBER 25, 2023

Ghana, known for its vibrant culture and burgeoning economy, offers a unique landscape for employment. Navigating the workforce in this West African nation requires a comprehensive understanding of the employment laws that govern employer-employee relationships. These contributions fund pension schemes and other social benefits.

Employment 52

Employment Taxes Paid Leave Overtime 52

Global People Strategist

DECEMBER 12, 2023

Navigating the employment landscape in Morocco involves understanding the intricacies of the country’s employment laws, which encompass regulations on general labor, taxation, and employee benefits. The Labor Code governs the employer-employee relationship, outlining the rights and obligations of both parties.

Employment 52

Employment Overtime Taxes Paid Leave 52

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 Deductible Deductions Benefit Providers 90

Business Management Daily

OCTOBER 8, 2024

While this may sound like a headache for the payroll and accounting department, it’s relatively simple for employers if you use an earned wage access service like DailyPay or Payactiv or a payroll provider like ADP that offers on-demand pay. Offering earned wage access is generally inexpensive or even free for employers.

Employment 52

Employment Payroll Payroll System Recruitment 52

Global People Strategist

JULY 13, 2022

As the cost of healthcare continues to rise, private employers are searching for new and innovative ways to provide health insurance for their employees. While many employers are still offering traditional health insurance plans, there is a growing trend towards alternatives such as self-funded health plans and wellness programs.

Health Insurance 52

Health Insurance Insurance Health Savings Account Deductions 52

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).

Deductible 97

Deductible Deductions Health Savings Account Employee Enrollments 97

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

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

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 84

Deductions Deductible Voluntary Benefits Medical 84

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) 213

401(k) Finance Medical Deductible 213

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

Flimp Communications

OCTOBER 30, 2024

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. Not only are HSA contributions tax deductible, but investment growth and funds used for qualified medical expenses are also protected.

Deductible 52

Deductible Deductions Taxes Flexible Spending Account 52