Money Talk

JUNE 16, 2022

If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. This is true both during one’s working years (when taxpayers are saving for retirement) and later, when people are older and withdrawing taxable income from tax-deferred accounts.

Taxes 188

Taxes 401(k) Retirement Plan Pension 188

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

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

Money Talk

JUNE 5, 2024

Webinar attendees were encouraged to aim for 3 to 6 months of essential expenses in emergency savings, automate savings if possible, and put tax refunds to work by saving all or part of them. Among the statistics that were presented from various studies are the following: ¨ 37% of women have high financial knowledge (vs.

401(k) 313

401(k) Finance Taxes Utilities 313

Money Talk

AUGUST 10, 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. 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

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

Money Talk

MAY 11, 2023

If taxpayers are near the top of a marginal tax bracket , RMDs can move them up to a higher tax bracket. Use of RMD Withdrawals - A chunk will pay income taxes. Multiple RMD Ages- People with tax-deferred retirement savings accounts born in 1950 or earlier have a RMD of 72 (or 70½ for those who turned 70½ prior to 2020).

Retirement Plan 246

Retirement Plan Taxes Finance Government 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

Money Talk

MARCH 24, 2022

This post describes ten things that older women need to consider about personal finance during the second half of their financial life: ¨ Unique Financial Characteristics - Women are more likely than men to have gaps in their employment history and to be more negatively impacted by divorce than men. . 401(k)s), tax-deferred accounts (e.g.,

401(k) 278

401(k) Finance Entertainment Taxes 278

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

Money Talk

APRIL 20, 2023

One of my Money Talk clients is my long-time employer, Rutgers Cooperative Extension. Off-Farm Job Employer Benefits - These include a defined benefit pension, an employer retirement savings plan (e.g., 401(k), 403(b), 457 plan, and thrift savings plan), and other employer benefits (e.g., health insurance).

401(k) 246

401(k) Pension Retirement Plan Taxes 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

Money Talk

JANUARY 26, 2022

One of the most daunting financial aspects of retirement, especially for people who have been diligent savers throughout their working years, is taking required minimum distributions (RMDs) from their tax-deferred retirement savings accounts beginning at age 72. New RMD tables went into effect in 2022, so this is a good time to discuss RMDs.

401(k) 189

401(k) Taxes Retirement Plan Finance 189

Employee Benefits

FEBRUARY 21, 2024

Firstly, the reduction does not directly benefit employers since they will continue to pay secondary (employers) NICs at the current rate of 13.8% Arguably, it may take a little pressure off employers when it comes to demand for future pay rises. Many low earners will find themselves paying tax and NICs for the first time.

Insurance 108

Insurance Employment Taxes Salary 108

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

Employee Benefits

JULY 10, 2024

Employer-funded healthcare trusts are an established, tax-efficient way to deliver the benefit of medical treatment to employees without having to buy employer-paid health insurance. There are some legal and practical steps to take, and conditions to meet, if an employer-funded trust is to be used.

Healthcare 109

Healthcare Employment Taxes Insurance 109

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. What is a relocation reimbursement?

Taxes 98

Taxes Deductions Deductible Bonuses 98

Money Talk

DECEMBER 7, 2022

They must begin starting at age 72, unless taxpayers want to pay a hefty 50% tax penalty. In conversations with older adults at classes that I teach, many tell me that RMDs are affecting their income taxes in a big way. Withdrawals made at any age are taxed as ordinary income.

401(k) 186

401(k) Taxes Entertainment Retirement Plan 186

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

Money Talk

JUNE 22, 2023

Who is going to get what you someday leave behind in life insurance policies and/or tax-deferred retirement accounts? Beneficiary Use- Beneficiary designations are required for life insurance policies, individual retirement accounts (IRAs), employer retirement savings plans (e.g., Reviewing documents is not high on their priority list.

401(k) 235

401(k) Life Insurance Retirement Plan Finance 235

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. Payments to children under 21 are exempt from FUTA taxes.

Employment 97

Employment Net Pay Payroll Taxes 97

Employee Benefits

JANUARY 24, 2024

Crypto currency is subject to income tax when an employee receives it but could also incur a capital gains tax charge if they hold it for more than 30 days. And, while most people are happy to watch the roller coaster ride from the sidelines, employers are beginning to consider crypto as part of their pay strategies.

Global Payroll 105

Global Payroll Employment Taxes Pension 105

Money Talk

JANUARY 4, 2024

Free money does not have any work requirement, however, and is often income tax-free. Employer Match- This is money contributed to employees’ retirement savings accounts to match what they save. 50% for a fifty cent per employee dollar saved match) and is taxed as ordinary income in retirement.

Life Insurance 176

Life Insurance Pension Benefit Retail Taxes 176

WEX Inc.

AUGUST 14, 2023

Yes, employers do have the option of providing employees with an FSA carryover. The IRS permits employers to allow their employees to carry over up to $610 from their 2023 FSA (indexed annually, per IRS rules). The employer determines the amount of the carryover (up to the IRS limit). It is not legal, financial, or tax advice.

Flexible Spending Account 98

Flexible Spending Account IT Flexible Spending Taxes 98

PayrollOrg

JANUARY 17, 2022

Federal Payroll Tax Laws & Regulations. Federal Payroll Tax Laws & Regulations contains payroll-related sections of the Internal Revenue Code and Internal Revenue Service regulations. Federal Payroll Non-Tax Laws & Regulations. APAs Guide to Local Payroll Taxes. Content is updated on a regular basis.

Electronics 197

Electronics Payroll Taxes Online Payroll 197

Money Talk

SEPTEMBER 17, 2022

incorrect gift tax and estate tax exemptions from 2021). joint ownership with right of survivorship) or beneficiary designations on contracts such as life insurance policies, individual retirement accounts (IRAs), and tax-deferred employer retirement savings plans always take precedence over the terms of a will.

Life Insurance 245

Life Insurance Banking Taxes Finance 245

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 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. ESPPs can offer tax advantages and provide employees with an opportunity to share in the company’s success.

Equity Compensation 94

Equity Compensation IT Taxes Compensation Equity 94

Employee Benefits

MAY 16, 2023

Employers can help by offering flexible work arrangements, discounted leisure and dining vouchers, and signposting staff to government support. Employers that can be seen to help will benefit from more productive and motivated staff. Flexible-working arrangements are an obvious place to start.

Employment 111

Employment Government Taxes Entertainment 111

Money Talk

JULY 5, 2024

While technically not a tax, IRMAA is a drag on payees’ bottom line. Tax Diversification - It is risky to put all your retirement savings in tax-deferred accounts (a.k.a., qualified plans) because you don’t know what future tax rates will be when required minimum distributions begin. tax-deferred, tax-free, taxable).

Finance 169

Finance Taxes Retirement Plan Retail 169

Global People Strategist

NOVEMBER 20, 2023

Brazil boasts a robust and complex system of employment laws regulating various aspects of the employer-employee relationship. This article provides an overview of employment laws in Brazil, highlighting key regulations and their implications for businesses. Employers must adhere to these entitlements to remain compliant.

Employment 98

Employment Taxes Government Payroll 98

Money Talk

APRIL 6, 2023

participating in an employer savings plan and/or IRA) increases the odds of having a successful retirement (i.e., Since it is unlikely that Congress will ever mandate employer plans, some states are now starting to do require employers to offer a workplace savings plan. not running out of money to live a comfortable lifestyle).

401(k) 245

401(k) Retirement Plan Finance Government 245

Money Talk

NOVEMBER 10, 2022

salary, bonuses, or self-employment) under phaseout limits that are adjusted annually for inflation. A Roth IRA is a personal retirement account that lets people benefit from tax-free interest growth, providing they meet certain conditions. Contributions (deposits) are made with after-tax income (i.e.,

Taxes 188

Taxes Banking Finance Bonuses 188

Money Talk

FEBRUARY 10, 2022

Invest Automatically at Work - Participate in a tax-deferred employer retirement plan (e.g. Set Up Holding Accounts- Plan proactively for periodic household expenses, such a property taxes and water bills, by dividing the annual cost by 12 and setting that amount aside monthly in savings until the bill comes due. Just do it.

401(k) 189

401(k) Finance Taxes Retirement Plan 189

HR Digest

MAY 21, 2023

Employer benefits package is key to attracting and retaining top talent. Create a plan to review the employee benefits package routinely Business Owner and Manager together can design employer benefits package as it is key to attracting and retaining top talent. Payroll taxes 2. The employer will contribute to the plan.

Benefits Package 105

Benefits Package 401(k) Employee Benefits Disability Insurance 105

Money Talk

SEPTEMBER 22, 2022

The costs of opioid addiction affect individuals and families, employers (e.g., criminal justice and incarceration expenses and reduced income tax and FICA tax revenue). My role on the panel was to discuss the financial implications of the opioid crisis on individuals, families, and the country.

Finance 245

Finance 401(k) Hospitality Taxes 245

InterWest Insurance Services

OCTOBER 8, 2024

With 2025 just a few months away, it’s important that small employers understand their group health insurance reporting obligations under the Affordable Care Act as they changed at the start of 2024. 28 — This is the deadline to file Forms 1094-C and 1095-C by paper with the IRS for the few employers who are still eligible to do this.

Electronics 97

Electronics Employment Health Insurance Insurance 97