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

Money Talk

OCTOBER 11, 2023

For this post, I decided to reflect upon ten benefits of self-employment in later life that I (and other older entrepreneurs) have experienced: Additional Income - A successful business provides additional cash beyond Social Security and other expected sources of income in later life. Almost half of all U.S.

Employment 215

Employment Deductions Deductible Taxes 215

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

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

Flimp Communications

FEBRUARY 25, 2025

As the April tax filing deadline is nearing, Americas employees let out a collective groan. This isnt a comment on the economy or current tax policies. Tax season has always arrived with a jolt. Tax filing forces people to honestly assess their incomes, savings plans, and progress toward their financial goals.

Taxes 69

Taxes Deductions Deductible Flexible Spending Account 69

HR Lineup

JULY 4, 2024

With the rising costs of transportation and the increasing awareness of environmental sustainability, commuter benefits have become an essential consideration for both employers and employees. By subsidizing these costs, employers help reduce the financial burden on employees who use public transportation to commute to work.

Transportation 246

Transportation Taxes Deductions Deductible 246

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

HR Lineup

MARCH 13, 2022

Some of these plans have an advantage when it comes to taxes. For such a program to enjoy any tax benefits , it has to conform to the standards set in the US tax code, section 401a. In a defined benefit plan, an employer pays a predetermined amount at either termination of employment or retirement. Hybrid plan.

Retirement Plan 246

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

HR Lineup

SEPTEMBER 24, 2024

This end-to-end process encompasses various stages of employment, including recruitment, onboarding, performance management, learning and development, compensation and benefits administration, career progression, and eventual retirement or departure from the organization.

Retirement Plan 245

Retirement Plan Recruitment Technology Salary 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

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.

Deductions 98

Deductions Deductible Taxes Health Insurance 98

InterWest Insurance Services

OCTOBER 31, 2024

Over 80% of middle-market respondents report that they got their health insurance, disability insurance and retirement plan all through their employer. But many employers cap life insurance benefits at $50,000 — the maximum figure that allows employers to deduct premiums as a workplace benefit under IRC 7702.

Disability Insurance 98

Disability Insurance Life Insurance Deductions Deductible 98

HR Lineup

MARCH 10, 2022

Nonqualified deferred compensation (NQDC) plans are among the benefits employers use to retain top talent , and if you are wondering what they are, this article clarifies everything. A non-qualified deferred compensation (NQDC) plan is whereby an employer reaches an agreement with an employee to pay them sometime in the future.

401(k) 246

401(k) Retirement Plan Deductions Deductible 246

Money Talk

JANUARY 18, 2023

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., 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. million per individual in 2023 vs. $12.06

401(k) 246

401(k) Banking Deductions Deductible 246

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 91

Payroll Software Software Payroll Overtime 91

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

Money Talk

SEPTEMBER 30, 2022

Many are middle income taxpayers who diligently saved and invested for 4-5 decades in tax-advantaged plans. As I wrote in my book Flipping a Switch , some older adults must “plan for higher taxes in the future, especially when required minimum distributions (RMDs) kick in.” IRMAA surcharges. to $573.30 for Medicare Part B and $12.40

401(k) 245

401(k) Taxes Pension Deductions 245

HR Digest

MARCH 5, 2025

As of March 6, 2025, sentiment on tax exemption on overtime pay is shifting. States with no tax on overtime pay are rare, but theyre making huge waves by leaning towards tax exemption on overtime pay. States with no tax on overtime pay are rare, but theyre making huge waves by leaning towards tax exemption on overtime pay.

Overtime 52

Overtime Taxes Payroll Payroll System 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.

Deductions 97

Deductions Deductible Taxes Medical 97

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 84

Disability Insurance Taxes Insurance Deductions 84

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

HR Lineup

APRIL 19, 2024

In this comprehensive guide, we will delve into the various types of equity compensation, how they work, their tax implications, and their impact on both employees and employers. Employee Stock Purchase Plans (ESPPs): ESPPs allow employees to purchase company stock at a discounted price, often through payroll deductions.

Equity Compensation 246

Equity Compensation IT Taxes Compensation Equity 246

Money Talk

DECEMBER 22, 2021

Income Tax Changes - Each year, income ranges for federal marginal tax brackets are indexed for inflation. The IRS publishes tables with the income ranges for four filing status categories and seven tax rates that currently range from 10% to 37%. Estate and Gift Tax Exemption - The exemption amount in 2022 will be $12.06

401(k) 232

401(k) Pension Taxes Deductions 232

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

HR Lineup

SEPTEMBER 25, 2023

Global payroll refers to the process of managing employee compensation , tax compliance, and other related financial responsibilities across international borders. By automating payroll calculations, tax compliance , and reporting, businesses can reduce the need for a large administrative workforce. What is Global Payroll?

Global Payroll 238

Global Payroll Payroll Payroll System Payroll Software 238

Patriot Software

SEPTEMBER 6, 2022

One error you could make is deducting the wrong amount from employee wages. Correcting employment taxes is necessary if you withhold too much or too little from your employees’ paychecks. This article provides an overview of employment taxes […] READ MORE.

Taxes 95

Taxes Employment Deductions Deductible 95

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.

Deductions 98

Deductions Deductible Out of Pocket Cost Health Savings Account 98

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

Money Talk

NOVEMBER 9, 2023

when there are no more early withdrawal penalties on money removed from tax-deferred accounts) and the start of required minimum distributions (RMDs). Many people are in a lower marginal tax bracket during their gap years (especially after leaving a primary career) than they will be later when RMD withdrawals must begin.

Pension 191

Pension Taxes Deductions Deductible 191

HR Bartender

JULY 11, 2023

A great example of this is my taxes. Can I prepare my own taxes? The time I spend doing tax-related stuff could be better spent generating revenue by working on client projects or building my business. I must keep my employment tax knowledge current. I must keep my employment tax knowledge current.

Taxes 94

Taxes Employment Payroll Payroll System 94

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.

Deductions 105

Deductions Deductible Employment Employee Benefits 105

WEX Inc.

NOVEMBER 27, 2024

One emerging trend is employers offering their employees health plan options. 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. What’s an HDHP?

Deductions 52

Deductions Deductible Health Savings Account Flexible Spending Account 52

Business Management Daily

AUGUST 31, 2023

However, the laws regarding relocation expenses have changed in recent years, which can cause confusion for employers and employees. Employers pay the employee back for out-of-pocket relocation costs like packing and moving services, temporary housing, and travel expenses. Can employees deduct their moving expenses?

Taxes 98

Taxes Deductions Deductible Bonuses 98

Flimp Communications

OCTOBER 30, 2024

Their tax advantages and investment potential can help employees reduce healthcare costs, save for retirement, and maximize tax refunds. 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.

Deductions 52

Deductions Deductible Taxes Flexible Spending Account 52

Higginbotham

MARCH 24, 2025

Health Savings Accounts (HSAs) can be a flexible and tax-advantaged way to pay for health care costs. You can build up your HSA with pre-tax contributions and use it for qualified health expenses. But, once you enroll in Medicare, you can no longer make contributions or receive contributions from your employer into your HSA account.

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 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

HR Lineup

DECEMBER 1, 2023

With features like automatic tax calculations, invoicing, and expense tracking, it remains a top choice for businesses looking for a comprehensive solution. Its contractor-specific features make it easy to manage payments, tax forms, and contractor onboarding, all in one centralized location.

Payroll Software 246

Payroll Software Payroll Software Taxes 246