Remove Flexible Spending Remove Life Insurance Remove Taxes
article thumbnail

4 considerations when choosing employee benefits for the first time

WEX Inc.

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. Consider the following when evaluating these accounts: Tax benefit: Contributions to HSAs and FSAs are tax-deductible and reimbursements for qualified medical expenses are tax-free.

article thumbnail

4 considerations when choosing employee benefits for the first time

WEX Inc.

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. Consider the following when evaluating these accounts: Tax benefit: Contributions to HSAs and FSAs are tax-deductible and reimbursements for qualified medical expenses are tax-free.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Flexible Benefit Plans Give Employees More Options

InterWest Insurance Services

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Since the salary reductions are not received by the employee, they are not considered wages for income tax purposes. Flexible spending account. Set-up and tax implications.

article thumbnail

17 Items That Need To Be Included In Your Employee Handbook

Genesis HR Solutions

Payroll deductions This item spells out each of the deductions the company withholds, including federal, state, and local taxes and other things, including voluntary deductions for benefits. Employees don’t pay taxes on this money, which means they save an amount equal to the taxes they would have paid on the money you set aside.

article thumbnail

Importance of Employee Benefit Package And Why it Matters

HR Digest

Payroll taxes 2. Health insurance Those benefits provide a baseline of employee expectations. Health care flexible spending accounts 3. Health insurance 2. Dental or vision insurance 4. Considering health care and life insurance 5. Retiree health insurance 6. Overtime pay 3.

article thumbnail

16+ types of employee benefits you should consider

Genesis HR Solutions

There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Medical Insurance. Flexible Spending Account (FSA). Hospital insurance is health insurance for hospital costs. Life Insurance.

401(k) 98
article thumbnail

Reconsidering your employee benefits priorities

Health Consultants Group

When you comply with their guidelines, the IRS doesn’t require you to withhold FICA, FUTA, Medicare, or income taxes from pre-tax contributions. Group-term life insurance . Flexible Spending Accounts: funded by salary reduction. Cafeteria Plan benefits often include. Accident and Health Benefits .