WEX Inc.

DECEMBER 18, 2024

Flexible spending accounts (FSA) Flexible spending accounts (FSAs) offer a valuable tax-advantaged benefit, but the IRS use-or-lose rule can result in forfeited funds if employees dont use their balances by the deadline. Key dates February 28, 2025: Paper filing deadline for 1095-C forms.

Family and Medical Leave Act 52

Family and Medical Leave Act Flexible Spending Account Flexible Spending Insurance Carriers 52

Business Management Daily

DECEMBER 1, 2019

This avoids the problem, but many payroll systems aren’t set up to deal with these fractions. Best practice: List all benefits and deductions to determine whether they’re impacted: Medical, dental, life, vision, group-term life insurance, long-term disability, dependent care, flexible spending accounts and health savings accounts.

Payroll 83

Payroll 401(k) Deductions Deductible 83

HR Lineup

FEBRUARY 9, 2023

The platform integrates with various HR systems and payroll providers, making the process of benefits administration and tracking seamless for HR departments. The platform also offers a flexible spending account (FSA) option, allowing employees to set aside pre-tax dollars for eligible medical and dependent care expenses.

Flexible Spending Account 130

Flexible Spending Account Comprehensive Benefits Flexible Spending Retirement Plan 130

InterWest Insurance Services

MARCH 22, 2022

Flexible spending account. Besides the fact that your employees use money that hasn’t been taxed to pay for these benefits, the payroll deductions for them also reduce their taxable income while raising take-home pay. Remember: Flexible benefit plans are not without their drawbacks. Flexible spending accounts.

Flexible Spending Account 96

Flexible Spending Account 401(k) Flexible Spending Deductions 96

InterWest Insurance Services

OCTOBER 27, 2022

A cafeteria plan can save employers an average of almost $115 per participant in FICA payroll taxes. Most companies currently have this set up through their payroll provider. A POP plan is the simplest type of Section 125 plan and requires little maintenance once it’s been set up through your payroll.

Flexible Spending Account 97

Flexible Spending Account Employment Flexible Spending Deductions 97

WEX Inc.

OCTOBER 15, 2024

While HSAs combine several of the best features of 401(k)s and flexible spending accounts (FSAs), they are often overlooked and underutilized. In addition, employees’ contributions to their own accounts reduce employers’ payroll taxes. WEX is excited to use HSA Day to educate employers and employees about the value of HSAs.”

401(k) 52

401(k) Health Savings Account Flexible Spending Account Taxes 52

Insperity

APRIL 16, 2015

Is your payroll a pain in the neck? These organizations can work with your company to provide comprehensive and affordable payroll, benefits and human resource services through a business-to-business relationship called “co-employment.” This way you can spend less time managing various vendor relationships.

Payroll 110

Payroll Flexible Spending Account Disability Insurance Insurance 110

Business Management Daily

OCTOBER 28, 2021

The end of the year is a hectic time for payroll staff and business owners. While the year is winding down, the payroll department is ramping up to prepare for the end of the year and ensure that all reporting deadlines are met. Some payroll tax compliance items are completed quarterly, or more frequently throughout the year.

Payroll 52

Payroll Family and Medical Leave Act PTO Flexible Spending Account 52

Benefit Resource Inc.

JANUARY 3, 2023

With a Flexible Spending Account (FSA), you can set aside up to $3,050 in pre-tax dollars per calendar year to pay for eligible medical expenses like doctor visits, hospitalizations, and prescription medications. Take Advantage of a Medical FSA. HRAs can be designed by an employer to fit a variety of needs and program designs.

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

InterWest Insurance Services

SEPTEMBER 23, 2024

They have three specific flexible benefits for your employees to choose from: Pre-tax health insurance premium deductions Premium-only plans allow your employees to elect to withhold a portion of their pre-tax salary to pay for their portion of the premium contribution to their employer-sponsored plan.

Flexible Spending Account 94

Flexible Spending Account Benefits Package Deductions Deductible 94

Benefit Resource Inc.

MAY 6, 2019

A Dependent Care Flexible Spending Account (DC FSA) helps employees pay for eligible child care expenses by reducing taxable income through payroll deductions. To decide which one to use, it’s important to understand the differences between them. What’s the difference? Dependent Care FSA.

Taxes 85

Taxes Flexible Spending Account Flexible Spending Deductions 85

Business Management Daily

JANUARY 5, 2021

It includes extensions and expansions of payroll relief and another set of $600 checks payable to most taxpayers. The key payroll provisions include: An extension of the paid sick/ family leave provisions and your tax credit for providing leave. Extensions of popular payroll tax provisions. The overall price tag? Through Dec.

Family and Medical Leave Act 52

Family and Medical Leave Act Payroll 401(k) Taxes 52

HR Lineup

JUNE 9, 2023

This means that employers can easily manage various benefit plans, such as health insurance, retirement savings, flexible spending accounts, and more, all in one place. One of the key advantages of Benefitfirst is its ability to consolidate multiple benefits offerings into a single, centralized platform.

Flexible Spending Account 130

Flexible Spending Account Flexible Spending Utilities Health Insurance 130

HR Digest

MAY 21, 2023

Payroll taxes 2. Health care flexible spending accounts 3. To drive company’s success, benchmark and budget a benefit plan that attracts the skilled employees, is needed to keep the employees performing at their best. The mandatory benefits form the foundation of all employee benefit packages. Overtime pay 3.

Benefits Package 105

Benefits Package 401(k) Employee Benefits Disability Insurance 105

Patriot Software

OCTOBER 19, 2022

Many employers use flexible spending accounts (FSAs) to help employees pay for their medical-related expenses. Years ago, the “use it or lose it” rule was the main guideline for how employees could spend their money. Under this rule, employees forfeit any leftover money to you at the end of their plan year.

Flexible Spending Account 92

Flexible Spending Account IT Flexible Spending Medical 92

WEX Inc.

MAY 2, 2024

Those enrolled in an HSA or a medical flexible spending account (FSA) may also be able to enroll in certain types of HRAs. We support flexible plan designs, empowering you to determine your own benefits goals for your participants by letting you set up your HRA to look however you want.

Health Savings Account 98

Health Savings Account 401(k) Flexible Spending Account Taxes 98

Insperity

APRIL 26, 2018

In a nutshell, a PEO is an organization that enters into a co-employment relationship with your company, assuming many of your employer-related HR responsibilities, such as payroll and benefits. Working with a PEO can decrease your payroll-processing and related accounting costs. So, where are the savings? Retirement plans.

401(k) 75

401(k) Professional Employer Organization Workers’ Compensation Payroll Service 75

Benefit Resource Inc.

AUGUST 27, 2020

While this is still a far cry from our pre-COVID-19 unemployment rates of 3.5%, employers are increasingly bringing employees back on payroll. 1) Make sure elections are updated in payroll and any benefits vendors, like BRI. When employees are returning to payroll, it is sometimes best to treat them similarly to a new employee.

Payroll 40

Payroll Deductions Deductible Taxes 40

Best Money Moves

JULY 8, 2020

Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are other ways employers can help address the high cost of healthcare and employees indicated programs like HSAs and FSAs would have eased stress and improved their well-being during the coronavirus pandemic in a survey by MetLife. . #4 4 Paid Time Off.

Employee Benefits 111

Employee Benefits Out of Pocket Cost Flexible Spending Account Health Insurance 111

Insperity

MAY 13, 2015

HSAs have a triple tax advantage: Contributions made via payroll deduction are pre-tax if made through an employer-sponsored cafeteria plan, therefore reducing taxable income. An HSA is not the same as a flexible spending account (FSA), which is an employer-sponsored plan and requires employees to use or lose their contributions each year.

Health Insurance 101

Health Insurance Insurance Out of Pocket Cost Health Savings Account 101

HR Bartender

AUGUST 21, 2016

IBM still runs payroll on a mainframe Tesseract system purchased in 1986 because it still works, which is not witless. I believe many large corporations will stick with their on-premise legacy systems because both of the enormous investment, but more importantly, they’ve been customized to work exactly as the company wants the software work.

401(k) 103

401(k) Software Human Resources Flexible Spending Account 103

CorpStrat

JANUARY 17, 2023

Health flexible spending accounts (FSAs). In connection with the increased limits for 2023, employers should review and revise participant communications and election forms, amend plan documents and summary plan descriptions, and update all payroll and/or human resources systems with the new dollar amount limitations.

401(k) 52

401(k) Employee Benefits Flexible Spending Account Health Savings Account 52

CorpStrat

FEBRUARY 22, 2023

A Flexible Spending Account at its core is a tool that allows an individual to set aside money to pay these out of pocket expenses with pre-tax dollars allocated for the year. The post 5 Things You Didn’t Know About Your FSA appeared first on CorpStrat: HR | Payroll | Employee Benefits. It’s no wonder that they’re struggling.

Flexible Spending Account 52

Flexible Spending Account Out of Pocket Cost Flexible Spending Deductions 52

Benefit Resource Inc.

APRIL 21, 2021

Flexible Spending Accounts are not eligible for subsidy. Plan sponsors are responsible for paying premiums to the carrier and will receive a tax credit against their quarterly payroll taxes. The subsidy is available for both fully insured and self-insured plans. What is the subsidy period? When will it end?

Flexible Spending Account 74

Flexible Spending Account Taxes Flexible Spending Insurance 74

WEX Inc.

JUNE 13, 2024

Flexible spending accounts (FSAs) allow your employees to use pre-tax dollars to cover eligible out-of-pocket healthcare expenses, providing a tax-efficient way to manage medical costs and helping you and your employees save money. Integration : Ensure the vendor can integrate with your benefits administration and payroll systems.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account Taxes 52

Griffin Benefits

NOVEMBER 28, 2023

Plus, the PEO may not be as cost-effective these days for your expanding payroll, or maybe it’s time for the tax credits to start accruing to your company instead of the PEO. Your needs for benefits and HR strategies to help you compete for and keep talent may not be so easily met by the PEO’s one-size-fits-all approach.

Flexible Spending Account 64

Flexible Spending Account Workers’ Compensation Taxes Flexible Spending 64

Benefit Resource Inc.

OCTOBER 16, 2018

A Medical Flexible Spending Account (Medical FSA) allows you to use tax-free money to pay for your family’s medical expenses. You then have access to the full election on the first day of the plan and conveniently pay it back through regular payroll deductions. Medical FSA. Simply make an election during your enrollment period.

Health Savings Account 55

Health Savings Account Flexible Spending Account Flexible Spending Medical 55

Benefit Resource Inc.

SEPTEMBER 27, 2018

Trying to choose between a Flexible Spending Account (FSA) or Health Savings Account (HSA) can be a challenge. Likewise, with an FSA you have access to the full election and pay it back through regular payroll deductions. A Medical Flexible Spending Account or a Health Savings Account ? Maintenance & Repairs.

Flexible Spending Account 45

Flexible Spending Account Health Savings Account Flexible Spending Medical 45

Insperity

DECEMBER 13, 2018

HSA is the acronym for health savings account; FSA is the acronym for flexible spending account. An easy, basic way to distinguish what each account is intended for is by focusing on what the letter “S” represents in each: savings and spending. Start by educating yourself on the basics. Any negatives to offering either?

401(k) 70

401(k) Deductions Deductible Taxes 70

Genesis HR Solutions

DECEMBER 5, 2019

Flexible spending programs. Payroll Processing. Don’t leave any of your payroll or tax information to chance. You should partner with an HR solution provider who gives you precise payroll and tax administration and ensure your payroll taxes are deposited and filed accurately—all in a timely manner.

Human Resources 10

Human Resources 401(k) Taxes Overtime 10

Benefit Resource Inc.

FEBRUARY 19, 2019

The funds must then be imputed (or treated as income) and subject to payroll taxes. With Flexible Spending Accounts (FSAs), imputed income is the last resort when receipts requests (or supporting documentation) are not provided. Why it happens. FSAs and Imputed Income.

Flexible Spending Account 45

Flexible Spending Account Flexible Spending Taxes Benefit Providers 45

Patriot Software

MARCH 3, 2021

An FSA, also known as a flexible spending account (or arrangement), is a tax-free fund that […] READ MORE. There are pre-tax and post-tax benefits for employees to enjoy. One plan you can offer employees is an FSA. So, what is an FSA? What is an FSA?

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Taxes Employment 52

Benefit Resource Inc.

JANUARY 14, 2022

To report your HSA contributions on your tax return, you will need a copy of your W-2 for the total pre-tax contributions made by you through payroll or by your employer. A Flexible Spending Account (FSA) is a great way to save money on your healthcare costs. The 8889 form is the only document you need to submit with your taxes.

Taxes 40

Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

Benefit Resource Inc.

AUGUST 27, 2019

Flexible Spending Accounts are one of the most popular tax-advantaged accounts employees choose during open enrollment. This means that funds are available as they are deposited from payroll. One of the main draws of these accounts is the broad range of products and services they can be used to pay for. Dependent FSA: Myth #3.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Medical Taxes 40

WEX Inc.

JULY 13, 2023

The IRS requires non-discrimination testing for employers who offer plans governed by Section 125 , which includes a flexible spending account (FSA). Anyone you choose to give access to your payroll information can complete the template. What plans require non-discrimination testing?

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Medical Taxes 52

WEX Inc.

APRIL 3, 2023

Those enrolled in an HSA or a medical flexible spending account (FSA) may also be able to enroll in certain types of HRAs. We support flexible plan designs, empowering you to determine your own benefits goals for your participants by letting you set up your HRA to look however you want.

Health Savings Account 52

Health Savings Account 401(k) Flexible Spending Account Taxes 52

PeopleStrategy

NOVEMBER 7, 2017

Payroll is a main concern during the last months of the year. In 2018, the cap for employee contributions to health care flexible spending accounts will increase to $2,650 , according to the Society for Human Resource Management. With a plan in place, you can finish off the year strong and with your sanity intact.

Flexible Spending Account 58

Flexible Spending Account Taxes Flexible Spending Retirement Plan 58