Benefit Resource Inc.

JANUARY 3, 2023

Whether you’re looking to retire, advance your career, or prioritize your health, now is the perfect time to start planning your journey. If you’re in the 70% of people who have health-related goals for 2023, let’s take a look at how pre-tax benefits can help set goals and prioritize your health this year and beyond.

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

WEX Inc.

MARCH 16, 2023

How much should I contribute to my health savings account (HSA) each month? If you’re covered by an HSA-eligible health plan (or high-deductible health plan ), the IRS allows you to put as much as $3,650 per year (in 2022) into your health savings account (HSA). What is an HSA?

Health Savings Account 98

Health Savings Account Deductible Deductions Healthcare 98

WEX Inc.

MAY 2, 2024

Health reimbursement arrangements (HRAs) and health savings accounts (HSAs) are great tools for you and your employees to save money, and for your employees to prepare for potential medical expenses. For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention.

Health Savings Account 98

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

Benefit Resource Inc.

OCTOBER 11, 2018

What is a pre-tax benefit account? A pre-tax benefit account allows you to set aside money from your paycheck before taxes to use for IRS-approved purchases. The items you can pay for through a pre-tax benefit account depends on which plan(s) you have. Health Savings Account.

Taxes 74

Taxes Health Savings Account Medical Deductible 74

Benefit Resource Inc.

DECEMBER 8, 2022

It’s the 19th birthday of Health Savings Accounts (HSAs), and they have been a game-changer in healthcare. They are one of the most powerful tools available to employers, employees, and their families when saving on healthcare costs. Tax Benefits Of An HSA For Employers. December 8th is a special day!

Health Savings Account 40

Health Savings Account Healthcare Taxes Flexible Spending 40

Business Management Daily

DECEMBER 1, 2019

Although most companies choose this option, it may be a costly decision, since employees will receive an extra paycheck, along with extra taxes withheld and extra benefits provided. This avoids the problem, but many payroll systems aren’t set up to deal with these fractions. Figure pay based on 52.143 weekly pay periods or 26.07

Payroll 83

Payroll 401(k) Deductible Deductions 83

WEX Inc.

JULY 24, 2023

And it’s a solution you might already be offering: the health savings account. These accounts provide another way for your employees to diversify their efforts to prepare for retirement. HSA contributions made through payroll are not subject to the 7.65% FICA tax. It is not legal, financial, or tax advice.

Retirement Plan 98

Retirement Plan 401(k) Health Savings Account Taxes 98

InterWest Insurance Services

JUNE 20, 2024

The IRS has announced significantly higher health savings account contribution limits for 2025, with the amount increasing 3.6% The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans. They are not taxed on withdrawals.

Deductible 97

Deductible Deductions Health Savings Account Medical 97

WEX Inc.

JUNE 13, 2024

To help you prepare, here is a breakdown of three common retirement accounts: an HSA vs. a 401(k) vs. an IRA. An HSA is … A health savings account (HSA) is a tax-advantage account that participants can pay for healthcare expenses, save for the future, and invest to build your savings.

401(k) 96

401(k) Retirement Plan Health Savings Account Deductible 96

BerniePortal

JANUARY 22, 2020

Trying to beat the tax time rush? Mid-January marks the start of tax season! Now's a good time for HR to advise employees to review paycheck withholdings and health care items. Along with the new W-4, the IRS has updated its online tax withholding estimator. Review Health Savings Account.

Taxes 64

Taxes Health Savings Account Health Insurance Medical 64

InterWest Insurance Services

DECEMBER 7, 2023

Earlier in 2023, the IRS also announced the maximum contribution limits to health savings accounts, which are similar to FSAs, but they must be attached to a high-deductible health plan. An FSA must be funded exclusively through employer contributions or employee pre-tax contributions, or a combination of the two.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Pharmaceutical Health Savings Account 98

Benefit Resource Inc.

JUNE 20, 2019

Not all payroll deductions are created equal. Some people (although not many) may engage in a heated debate on the value of pre-tax deductions vs. post-tax deductions. Colleagues (even in our own organization) have asked “Why do we need post-tax deductions?” What is a pre-tax deduction?

Deductible 53

Deductible Deductions Taxes Health Savings Account 53

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. HIPAA privacy and security Protecting employees’ health information is critical.

Family and Medical Leave Act 52

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

Benefit Resource Inc.

MARCH 20, 2019

If you are currently employed, there is one change you can make to start saving: Enroll in a Health Savings Account (HSA). We’ll go over the three reasons why enrolling in an HSA might be the best option for you in order to save on health care expenses in retirement. The tax savings.

401(k) 85

401(k) Deductible Deductions Health Savings Account 85

Patriot Software

AUGUST 30, 2022

An HSA, or health savings account, is a plan where individuals put aside pre-tax […] READ MORE. Common employee benefits can range from different insurance options to types of retirement plans. Some employees have the option of opening an HSA. What is an HSA? What is an HSA?

Health Savings Account 87

Health Savings Account Retirement Plan Taxes Insurance 87

Kollath CPA

JUNE 27, 2022

The Tax Implications of Closing A Business. Schedule SE (Form 1040), Self-Employment Tax, if you have net earnings of $400 or more from your business. File a final tax return and related forms. You’ll need to pay any final wages or compensation, making final federal tax deposits and reporting employment taxes.

Taxes 52

Taxes Health Savings Account Pension Benefit Pension 52

InterWest Insurance Services

DECEMBER 29, 2023

With that lower premium, employees can set aside additional funds into an attached health savings account, a tax-benefited vehicle that is funded through pre-tax payroll deductions. HSA funds can be used to reimburse for health care expenses, including those towards deductibles.

Deductible 98

Deductible Deductions Out of Pocket Cost Health Savings Account 98

Insperity

MAY 13, 2015

First and second time group health insurance buyers usually miss the opportunity to buy a health savings account (HSA)-qualified high-deductible health plan (HDHP). Health Savings Accounts. The account holder (i.e., Earnings to an HSA from interest and investments are tax-free.

Health Insurance 84

Health Insurance Insurance Out of Pocket Cost Health Savings Account 84

Benefit Resource Inc.

AUGUST 6, 2021

Free Health Savings Account? Now, let’s assume those 100 employees contribute $2,000 a year each into their HSA through their pre-tax payroll deduction contributions. Based on the FICA tax rate of 7.65%, you’ll save $15,300. But is it really? Spoiler Alert: it’s not! Cost #2: Hide-and-seek.

401(k) 76

401(k) Health Savings Account Deductible Deductions 76

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 law also extends expiring tax provisions and everything that could be jammed into 5,593 pages of federal legislation three days before Christmas. Extensions of popular payroll tax provisions.

Family and Medical Leave Act 52

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

Benefit Resource Inc.

JANUARY 14, 2022

We’re here to provide you with a short guide to help you understand the required tax documents for your pre-tax benefits. . A Health Savings Account (HSA) is a savings account that provides tax-free contributions and potential tax deductions for qualified medical expenses incurred by the holder.

Taxes 40

Taxes Flexible Spending Account Flexible Spending Health Savings Account 40

WEX Inc.

OCTOBER 4, 2023

The 20th anniversary of health savings accounts (HSAs) marks a significant milestone for these accounts, which have empowered tens of millions of Americans to save for both immediate and future medical expenses. It is not legal or tax advice.

Health Savings Account 64

Health Savings Account Healthcare Education Taxes 64

Genesis HR Solutions

JANUARY 24, 2023

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.

Family and Medical Leave Act 98

Family and Medical Leave Act Overtime Parental Leave Health and Welfare 98

WEX Inc.

APRIL 3, 2023

Health reimbursement arrangements (HRAs) and health savings accounts (HSAs) are great tools for you and your employees to save money, and for your employees to prepare for potential medical expenses. For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention.

Health Savings Account 52

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

Genesis HR Solutions

SEPTEMBER 22, 2020

According to Healthcare.gov , a Flexible Spending Account (also known as a flexible spending arrangement) is a special account employees put money into that they use to pay for certain out-of-pocket health care costs. Health Savings Account (HSA). Employers fund and own accounts. Healthcare.gov ).

401(k) 98

401(k) Employee Benefits roth 401(k) Disability Insurance 98

Benefit Resource Inc.

OCTOBER 16, 2018

” Too bad making your pre-tax benefit account decisions is not as easy as pointing and saying “Eenie meenie miney mo – Which account should I choose?” What if you could choose the right pre-tax benefit accounts by answering four questions? What is the account? How do I save?

Health Savings Account 55

Health Savings Account Flexible Spending Account Flexible Spending Medical 55

CorpStrat

JANUARY 17, 2023

The following commonly offered Employee Benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs). Health flexible spending accounts (FSAs). Health FSA pre-tax contribution limit. Health FSA carryover limit. 401(k) plans.

401(k) 52

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

Benefit Resource Inc.

NOVEMBER 13, 2018

We understand it is a stressful time and are ready to make your year-end pre-tax benefits goals a reality. When using Benefit Resource for your pre-tax benefits administration, your Plan Highlights document is your basic employee playbook on pre-tax benefits. Adding a Health Savings Account is a strong and popular play.

Taxes 40

Taxes Health Savings Account Deductible Deductions 40

Higginbotham

NOVEMBER 28, 2022

Some are turning to Health Savings Accounts (HSAs). Although HSAs won’t work for everyone, the benefits of an HSA account make this an appealing option for some individuals. What is a Health Savings Account (HSA)? An HSA is a special type of savings account. HSAs are portable.

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductible Deductions 52

InterWest Insurance Services

JUNE 8, 2023

The IRS has raised the maximum amount people can funnel into their health savings accounts by 7.8% The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans. You are not taxed on withdrawals.

Deductible 52

Deductible Deductions Health Savings Account Medical 52

Higginbotham

DECEMBER 8, 2023

As rising health care costs and inflation place pressure on both corporate and personal budgets, employers and workers alike are looking for ways to save money without sacrificing quality employee benefits. A Premium Only Plan is an option that may offer significant tax savings for all involved parties. Only $29.86

Deductible 52

Deductible Deductions Taxes Payroll 52

Benefit Resource Inc.

JULY 23, 2019

Health Savings Accounts have many advantages, but there is still an air of misunderstanding around some of the main tenets of the account. The funds in a Health Savings Account automatically earn interest which accumulates tax-free. One such misunderstanding is the treatment of unused funds.

401(k) 45

401(k) Health Savings Account Taxes Banking 45

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. It is not legal or tax advice.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account Taxes 52

Genesis HR Solutions

DECEMBER 5, 2019

We suggest looking for a partner that can provide large group access to the following benefits: Group health, dental, and vision. Health savings accounts. Payroll Processing. Don’t leave any of your payroll or tax information to chance. Unbundled, transparent payroll reporting. 401(k) options.

Human Resources 10

Human Resources 401(k) Taxes Overtime 10

Benefit Resource Inc.

APRIL 6, 2023

Don’t forget about Specialty Accounts (Lifestyle Accounts) ! These eight benefits provide an opportunity for over $30,000 of increased value to employees each year.* These personalized benefits have become increasingly popular in the workplace.

Employee Benefits 52

Employee Benefits Health Savings Account Taxes Entertainment 52

Benefit Resource Inc.

OCTOBER 30, 2018

When it comes to pre-tax benefits specifically, we found three areas that are common culprits: Gaps in understanding of pre-tax benefits. Minimal integration of pre-tax benefits. Gaps in u nderstanding of pre-tax benefits. best practices for funding pre-tax accounts alongside a health plan.

Flexible Spending Account 56

Flexible Spending Account Taxes Health Savings Account Flexible Spending 56

Higginbotham

JUNE 14, 2022

Flexible Spending Account vs. Health Savings Account. An FSA is a type of savings account that lets people pay for certain out-of-pocket medical expenses using tax-free dollars. FSAs might sound a lot like Health Savings Accounts (HSAs), but there are some key distinctions.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductible Deductions 52