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As 2024 winds down next week, its time for my final quarterly summary of take-aways from recent personal finance classes, conferences, and webinars that I attended. Also, with tax-deferred retirement plans subject to RMDs, savers are in a partnership with the IRS. paycheck, interest). Investors should also review their portfolio (e.g.,
I recently attended three webinars related to retirement planning. 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. Managing income tax and IRMAA income brackets is a key challenge for these taxpayers.
Now that 2021 income tax season has been over for a month and the dust has settled, it is time to start some serious tax planning for 2022. Planning now provides seven months to take action and/or implement changes to avoid a stressful “tax scramble” at the end of the year. assets that are taxed in different ways).
I recently attended a webinar about women’s finances presented by the FINRA Investor Education Foundation in cooperation with the New York Public Library. The webinar began with a justification for focusing on financial planning for women. 57% of men) ¨ 59% of women feel anxious about their finances (vs. 52% of men) ¨ 48% of women (vs.
With 2022 income tax season well underway and almost three months already passed in 2023, now is an appropriate time to review some evergreen tax planning tools and techniques. A larger standard deduction means that taxpayers can shelter more income from income taxes. an elective surgery) that exceed 7.5%
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.
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. In 2022, our annual employer survey showed that the biggest challenges employers face with benefits are within education.
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.
I recently attended a webinar about Social Security retirement and survivor benefits by OneOp with an emphasis on retirement and survivor benefits. Total FICA tax is 15.3% of gross earnings: 7.65% each paid by workers and their employers. The 7.65% tax is divided: 6.2% is for Social Security and 1.45% for Medicare.
One of my Money Talk clients is my long-time employer, Rutgers Cooperative Extension. In addition to writing monthly Small Steps to Health and Wealth™ financial messages , I also present online webinars and class segments. 401(k), 403(b), 457 plan, and thrift savings plan), and other employer benefits (e.g., health insurance).
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.
elections potentially leading to significant shifts in employment laws and employee benefits, its crucial for employers to stay ahead of changes to maintain compliance. New regulations could affect everything from healthcare policies and labor laws to tax laws, all of which play a key role in benefits administration.
Open enrollment is an important time for HR professionals and employers, since its the moment employees make decisions that impact their health, finances, and overall wellness for the coming year. Host webinars, distribute user guides, or offer live Q&A sessions to help employees understand and use their benefits effectively.
By implementing a simplified, personalized benefits strategy, employers can enhance engagement, improve satisfaction, and ensure a greater return on investment (ROI). It is not legal, tax or investment advice. For legal, tax or investment advice, you should consult your own legal counsel, tax and investment advisers.
Methods include webinars, podcasts, blogs, television and radio shows, print media, websites, and more. Health Savings Accounts - One study found that the tax savings on many employees’ contributions to a health savings account (HSA) increases wealth by more than an employer match on the same employees’ 401(k) contributions.
I recently attended several webinars and listened to several podcasts about issues related to retirement planning and personal finance issues in later life. Unfortunately, many employers and/or jobs are not set up to do this and phased retirements often do not occur. Once retired, most people stay retired. It is mostly a “full stop.”
Employers cannot afford to bank on an improving economy reducing employee financial stress. Of that group, only about half (54%) believe there is a promising future for them at their employer, compared to 69% who feel more financially secure. Are employees using tax-advantaged accounts such as HSAs?
Schedule workshops or webinars to break down complex topics like: Health savings accounts (HSAs) Flexible spending accounts (FSAs) Retirement planning options Emphasize the total rewards picture Highlight how your benefits program fits into your companys total rewards strategy. It is not legal or tax advice.
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. Webinars or meetings can be helpful. They also cover dental care expenses.
Employers can choose from a range of pre-tax benefits, including health insurance, dental insurance, vision insurance, and other types of benefits. The platform is designed to be user-friendly, and employers can set up and manage their benefits packages with minimal effort.
With the current tax year ending, employers need to be aware of any legislative payroll updates and changes to payroll processes. This must-watch webinar will help your team prepare for those regulatory changes. Join CIPHR for a live webinar on Thursday 10 March as we explore: PAYE changes. Employment Bill.
Join our upcoming webinar at 11am on Thursday 13 February as we discuss the intricacies of IR35. Don’t miss the chance to register for our upcoming webinar – in partnership with contractor accountancy experts Paystream – at 11am on Thursday 13 February, where we will be discussing the off-payroll working (IR35) rules and changes in detail.
HR, payroll and learning software company Ciphr has unveiled its next five expert-led webinars, with topics from employment law and HR system selection to skills development and identity checking. To register for this webinar, taking place at 11am on Tuesday 27 September, please visit: [link].
Wage Garnishment Landscape: Through the Lens of the Employer ”, they report that one in 14 U.S. Tax levies is second at around 19% and bankruptcy orders are third at 5%. But if you’re processing a Kentucky garnishment, the employer is ordered to remit the payments after each pay period. 2 – QUANTITY. 3 – DEDUCTION LIMITS.
Best Money Moves Sneak Peek: 2023 Financial Webinar Series. Get an inside look into Best Money Moves and catch a free preview of our 2023 Financial Webinar series. Best Money Moves takes financial education to the next level with free, monthly Webinars available to all users. Contact us and we’ll reach out to you soon.
SurePayroll takes care of all aspects of payroll, from calculating and withholding taxes to managing direct deposits and generating pay stubs. The service automatically calculates tax obligations based on the latest federal, state, and local regulations, ensuring compliance and accuracy.
An integrated HR and payroll solution can store all sensitive data – for example, employees’ payroll numbers, tax information and personal contact details – in a single, secure system. Contact us at info@ciphr.com , call 01628 814242, or watch the webinar recording below. Greater data accuracy and security. Ensures compliance.
In partnership, we are offering access to the upcoming complimentary webinar. SESSION DETAILS: The IRS provides several options for tax-favored reimbursement of different expenses, but the rules vary significantly between benefit options.
Best Money Moves users have access to over 900 unique articles, videos, webinars and calculators across a range of financial topics. If your bank isn’t able to do so, check with your employer to see if they can automatically deposit some of your paycheck into a savings account instead. Do you plan for your tax refund?
Employers will be allowed to use nondiscretionary bonuses and incentive payments (including commissions) to satisfy up to 10 percent of the new salary threshold. I was reminded of this during a Paycom webinar on “ FLSA: Don’t Underestimate Overtime Expansion. ” Exploring the Overtime Policy Piece.
As employers and HR professionals, it’s essential to take proactive measures to boost employee morale during this time. Let’s explore effective strategies for promoting employee well-being during the winter months and the role of pre-tax benefits in achieving this goal.
Especially regarding some of those pre-tax benefit plans which most people aren’t overly familiar with. Keep in mind that your options will vary depending on what your employer offers.). Clearly there’s no “physical” version of an Open Enrollment video (unless your employer is mailing out DVDs every year).
The hub also hosts additional financial and resources including budgeting tools, financial support and interactive webinars, helping our employees to access resources to make informed financial decisions. Employers can help staff save money by putting benefits to support savings in place and communicating these well.
In a recent webinar, only 5% of HR professionals said they would go back to pre-pandemic ways of working, proving there is a seismic shift towards a more flexible, hybrid workplace. The remote working revolution has brought up other questions, such as, should we be taxed for working from home?
At its core, a workplace pension is a retirement savings plan organised by an employer for the benefit of their employees, who also contribute to the pension. As of 2012, the introduction of auto-enrolment mandates all employers to provide a workplace pension. Which Tax Relief Method is Used? What is a workplace pension?
Take a deeper, more comprehensive look at the CARES Act with our recent webinar, “Opportunities for Small Businesses,” hosted by Insperity’s Tom Himmer, vice president of customer development. Please note that if an employer receives forgiveness of a PPL, that employer may not be eligible for other CARES Act programs.
Employers can help bridge the race gap. Some employers have taken it a step further and require applicants of color to be interviewed for all internal and external positions. Events, contests and webinars can be an easy way to encourage employees and teach them about 401(k) tax benefits. What is the retirement race gap?
Employers are responsible for paying premiums, but receive a tax credit. Employers sponsoring a group health plan will be responsible for paying health insurance carriers for the premiums. They will be reimbursed for 100% of the COBRA premiums through tax credits against certain payroll taxes.
In our latest webinar, we discussed the most recent legislative changes rolled out by Congress in the American Rescue Plan Act. Many of them affected pre-tax benefits plan and continuation coverage, also referred to as COBRA. When do employers need to provide the completed Participant Lookback Report? Who receives the subsidy?
We, however, will focus on the three possible changes to tax-free account holders. What can we expect for tax-free accounts? OTC items bought with pre-tax funds. The CARES Act would allow individuals enrolled in these pre-tax accounts to pay for OTC drugs and medicines without a prescription. HSAs used for telehealth.
It’s a personalized calculation of an individual employee’s total compensation value and can include: Salary Benefits Insurance Pension Tax and fiscal contributions Employer national insurance contributions Short-term incentives (e.g. Watch the webinar on-demand > . bonuses, commissions) Long-term incentives (e.g.
Taxes: It’s Not What You Earn, But What You Keep Consult with a CPA® or financial advisor the first tax season after leaving work to get a professionally prepared template tax return. For more information about the content of Flipping a Switch , check out this webinar that I recently presented.
Employers can direct them to support from providers, send out newsmails or facilitate access to qualified financial advisers. It is important for employers not to be seen to be pushing people towards retirement or offering financial advice themselves. However, this can have tax implications if they withdraw beyond their tax-free limit.”
Accurate Payroll Processing: The best HR software ensures accurate payroll processing by automating calculations, tax deductions, and compliance with local regulations. Training can be provided through documentation, video tutorials, webinars, and direct customer support channels. How secure is the employee data stored in HRMS portals?
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