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Employeebenefits management has become increasingly complex in recent years, with professionals needing to navigate health plans, retirement packages, wellness programs, and various compliance regulations. Below are the top 10 employeebenefits certifications for professionals in 2024.
Ensuring employees are paid accurately and on time, while complying with various tax laws, is crucial. Key Features: Payroll processing and tax administration Employee self-service portal Benefits management Time and attendance tracking Compliance support Pricing: Customized pricing based on business needs.
If you’ve never been asked if you would like to participate in an employeebenefits account before, you might be asking yourself, “What are all these acronyms?” Exploring HSAs and FSAs HSAs and medical flexible spending accounts (FSAs) let you save money because the funds you contribute to them are pre-tax.
When it comes to 2025 employeebenefits trends , many companies are seeking innovative solutions to meet the changing needs of their workforce. Shaped by changing work environments, economic pressures, and technological advancements, the following trends are emerging as essential components of a competitive benefits package.
Weve watched the buzz around the “No Tax on Overtime Bill” grow louder in 2025. The question on everyones mind is: When does the No Tax on Overtime Bill pass in 2025? The question on everyones mind is: When does the No Tax on Overtime Bill pass in 2025? No catch, its free from federal income tax.
The IRS standard rate influences tax deductions, business operations, compliance requirements, financial planning and employee compensation strategies.
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 youll 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.
I recently attended (virtually) a conference about retirement savings sponsored by the EmployeeBenefit Research Institute (EBRI). Even still, people have an aversion to withdrawing money from tax-deferred accounts earlier than RMD age. Below are some of my key take-aways: Funded Contentment - I ever heard that phrase before.
As we approach the 2024 United States presidential election, Chris Byrd, senior vice president, health executive and, more broadly, head of Government Affairs at WEX, joined our Benefits Buzz podcast for an insightful conversation on how election years can influence employeebenefits. It is not legal or tax advice.
Key Services: Workforce and Talent Strategy EmployeeBenefits and Compensation Management HR Technology Solutions Health and Wellness Programs Global Mobility Services Why It Stands Out Mercer’s focus on employeebenefits and total rewards strategies is particularly noteworthy.
Core Functions of HRIS: Employee Data Management: Manages employee profiles, including personal information, job titles, and contact details. Payroll and Compensation Management: Automates payroll processing , salary adjustments, and tax calculations. Time and Attendance: Records work hours, leave balances, and overtime.
These are all areas where your organization’s employeebenefits can help. Your financial wellness program is all about saving money, for example, while your wellness program and healthcare benefits can help employees gain control of their mental and physical wellbeing. Are you sensing a common theme?
Tax Planning - Until 12/31/25, taxes are “on sale.” Nobody has a crystal ball, but we know that tax rates will rise starting in 2026 when the Tax Cuts and Jobs Act expires. There are only two ways to reduce taxes: 1. When the government lowers tax rates. Make less income and 2.
” Learn more about employeebenefits by subscribing to our blog ! It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers. Digestible bits of information—less is more.”
It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers. The post Top post-open enrollment strategies to boost employeebenefits engagement appeared first on WEX Inc. By linking to these products, WEX is not endorsing these products.
Taxes can have a significant impact on family offices, influencing decisions around structure, investing and overall planning strategies. McDermott’s Family Office Tax webinar series explores the latest trends and guidance on tax planning for family offices and identifies opportunities to optimize tax efficiency.
The New York State fiscal year 2024 – 2025 budget institutes a new tax on health plans, including insurers and managed care organizations. This tax has been garnering attention for its promise to yield $4 billion for New York State.
But employees remain top of mind for employers, with 55% of businesses saying they will not reduce salaries if there is a recession, and 47% saying they will not reduce benefits. That’s because benefits are critical for attracting and retaining talent. The impact cutting a benefits budget would have Why do you come into work?
But what exactly is the meaning of fringe benefits, and why do they matter? This article unpacks the fringe benefits definition, explores their types and examples, and offers a clear overviewincluding tax implications and practical guidance for employers navigating the IRS fringe benefits guide.
There are several ways individuals contribute to their retirement benefits. Some of these plans have an advantage when it comes to taxes. For such a program to enjoy any taxbenefits , it has to conform to the standards set in the US tax code, section 401a. Qualified Retirement Plan and Taxes. Hybrid plan.
As an employer, providing a robust employeebenefits package is only half the battle. Educating on the value of their benefits and how best to use them is equally important. One of the questions we asked: What benefit would you like to learn more about? It is not legal or tax advice. Get our guide here !
For companies of all sizes, adhering to labor rules, tax laws, and industry standards is a major challenge. Compliance risk in payroll refers to the potential for errors, omissions, or violations of laws and regulations that govern employee compensation. Payroll management is a crucial responsibility for any business.
Offering competitive benefits is essential for attracting and keeping the best employees. But if you’re a small employer, you may think quality employeebenefits are out of reach. With the QSEHRA, you can provide health benefits to your workforce in a tax-efficient manner.
If you’re an employer offering various employeebenefit plans , you must understand your responsibilities regarding compliance and taxes. If the benefits you offer require filing Form 5500 with the Department of Labor (DOL), you must also deliver the Summary Annual Report (SAR) to plan participants.
When it comes to navigating the world of employeebenefits, there’s a lot to take in, especially if you’re a first-timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. Check out our other first-timer series blog posts on health plans and employeebenefits.
Its core functionalities include payroll and tax compliance automation, time and attendance tracking, and a learning management system (LMS) to facilitate continuous staff training. It automates payroll processing, streamlines employeebenefits administration, and provides compliance assistance to ensure adherence to labor laws.
By surveying employee preferences, leveraging tax-qualified accounts and exploring alternative funding, employers can offer valuable benefits while maintaining financial stability.
A strong employeebenefit package can go a long way. Employer benefits package is key to attracting and retaining top talent. Employeebenefits have become an essential part of any competitive compensation package. What do you want to achieve with the employeebenefit package 2. Payroll taxes 2.
In 2023, enterprise payroll software has evolved to offer advanced features that streamline the payroll process, ensure compliance with tax regulations, and enhance employee self-service options. It provides services such as payroll processing, tax administration, and employeebenefits management.
In light of recent Internal Revenue Service (IRS) guidance, employers should carefully examine any supplemental health plan, program or arrangement (which may or may not claim to leverage fixed indemnity insurance) that promises substantial payroll tax savings.
Any business requires the best payroll software 2021 to manage its employees’ payroll. The software should be very effective to manage taxes and employeebenefits. It should also ensure that employees receive accurate information concerning their wages/salaries or any other deductions. Quickbooks Payroll.
Payroll and Tax: Integrated payroll and tax filing services. Time and Attendance: Accurate tracking of employee hours and attendance. Benefits Administration: Simplified management of employeebenefits. Key Features: Payroll: Easy and accurate payroll processing with automated tax filing.
They both offer a range of services, including payroll, taxes, benefits, compliance, and risk management. They both take on the responsibility of being the employer of record for employees, which can help reduce the employer’s liability and mitigate risk. What are the Similarities Between EOR and PEO?
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