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.,

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401(k) Life Insurance Retirement Plan Finance 235

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.

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Life Insurance Banking Taxes Finance 245

Money Talk

SEPTEMBER 7, 2023

Transfers are often made through lifetime gifts and inheritances received by younger generations via wills, trusts, and beneficiary designations on life insurance and retirement savings accounts. Example: my grandparents, parents, and me. It can also occur by teaching younger generations “how to fish” to create their own wealth.

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Life Insurance Taxes Commissions Insurance 194

Money Talk

JANUARY 4, 2024

Free money does not have any work requirement, however, and is often income tax-free. 50% for a fifty cent per employee dollar saved match) and is taxed as ordinary income in retirement. Life Insurance - This is money transferred to a beneficiary via a deceased person’s life insurance policy.

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Life Insurance Pension Benefit Retail Taxes 176

Money Talk

JANUARY 4, 2023

Taxes - The average income tax refund in 2022 was $3,039, but some families with advanced child tax credits faced tax payments. Some states held sales tax holidays in response to high inflation. Homeowners insurance premiums increased by 12.1% on average and renters insurance premiums averaged $18 per month.

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Finance Banking Taxes Food 244

HR Digest

MARCH 12, 2025

This article unpacks the fringe benefits definition, explores their types and examples, and offers a clear overviewincluding tax implications and practical guidance for employers navigating the IRS fringe benefits guide. The Tax Angle: Taxable Fringe Benefits and IRS Guidance Not all employee perks are tax-free.

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401(k) Health Insurance Taxes Retirement Plan 52

Money Talk

SEPTEMBER 12, 2024

This is a 40% “haircut,” which some couples cover with spousal gifts, annuities, and/or life insurance. Tax Considerations - Income taxes often increase for the surviving spouse, who will be filing a tax return as an individual instead of as a married couple filing jointly.

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Pension Pension Benefit Taxes Entertainment 162

HR Lineup

NOVEMBER 30, 2021

These services include HR consulting, payroll processing and tax filing, employees’ compensation insurance, safety, and risk management services, hiring across various jurisdictions, retirement vehicles, and more. Life insurance. Disability insurance. Accident insurance, and more. Educational assistance.

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Professional Employer Organization Human Resources Disability Insurance Insurance 245

Higginbotham

JULY 23, 2024

One strategic solution that has gained prominence among businesses is corporate-owned life insurance (COLI). What is corporate-owned life insurance? Corporate-owned life insurance is a type of life insurance in which the company itself takes out a policy on the lives of its employees.

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Life Insurance Insurance Executive Compensation Taxes 52

Higginbotham

APRIL 12, 2024

Life insurance can be a practical way of making sure that your loved ones are taken care of even after you’re gone. However, there’s more than one type of life insurance policy, and some can provide you with more features than just a death benefit. Term life insurance covers a predetermined period of time.

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Life Insurance Insurance Taxes Deductible 52

Fringe Benefit Analysts

AUGUST 27, 2021

When choosing your coverage options, you may be aware of life insurance and accidental death and dismemberment (AD&D). What Is Life Insurance? Life insurance gives a policy holder’s family members financial protection should he or she die of an accident, illness or natural causes. What Is AD&D?

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Life Insurance Insurance Health Health Insurance 52

Higginbotham

SEPTEMBER 6, 2024

While it’s impossible to predict the future, securing life insurance can help provide for your children’s needs in case you’re not there as they grow up. How much life insurance do parents need? Expenses may include funeral costs, groceries, utilities, insurance, mortgage and educational costs.

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Life Insurance Insurance Food Utilities 52

Higginbotham

FEBRUARY 14, 2023

You may be able to benefit from your life insurance policy while you’re still alive. If you own a permanent life insurance policy, it will accrue a cash value over time. This makes borrowing against life insurance possible. Term life insurance policies cover a predetermined period of time.

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Life Insurance Insurance IT Taxes 52

Higginbotham

FEBRUARY 21, 2024

Parents often buy life insurance for themselves to help safeguard their children’s futures. But, should they also buy life insurance for their kids? Although the idea of life insurance for children may sound unusual, it can serve some practical purposes and offer long-term benefits.

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Life Insurance Insurance Insurance Carriers Medical 52

Higginbotham

JUNE 15, 2023

Group life insurance is a type of life insurance policy that covers an affiliated group of individuals, typically the employees of a company or the members of an organization, who can be covered under a single master contract. What is group life insurance? What is group life insurance?

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Life Insurance Insurance Employment Medical 52

Winston Benefits

FEBRUARY 25, 2016

Life insurance is like the tax code. We all know it’s there (and know we should have a basic knowledge of it) yet most of us will never fully master it.

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Life Insurance Insurance Taxes IT 45

HR Lineup

DECEMBER 28, 2022

This includes processing payroll, providing employee self-service portals, and handling tax compliance and reporting. With Resourcing Edge, businesses can also take advantage of employee benefits such as healthcare, retirement plans, and life insurance, helping to attract and retain top talent.

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Retirement Plan Human Resources Payroll Service Life Insurance 130

Money Talk

AUGUST 24, 2023

Tax Concerns - Some retirees, especially those who were diligent savers during their working years, wind up in a higher tax bracket in retirement than they were in during their primary careers. Taxes are exacerbated when one spouse in a couple dies, and the survivor must file taxes as an individual.

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401(k) Taxes Life Insurance Insurance 100

Kollath CPA

JULY 5, 2022

IRS Form 941 is a tax form that businesses file quarterly. It is how businesses report income taxes. As well as payroll taxes, Social Security, and Medicare taxes that the business withheld from employee paychecks over the previous tax year. Learn All About Quarterly Tax Returns below.

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Taxes Electronics Payroll Life Insurance 52

WEX Inc.

AUGUST 23, 2023

Examples of voluntary benefits are: Supplemental life insurance Critical illness Pet insurance Voluntary benefits are additional perks that an employer can offer at a discounted group rate, with the employee either fully or partially paying for the benefits through a payroll deduction. It is not legal or tax advice.

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InterWest Insurance Services

MARCH 22, 2022

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. Set-up and tax implications. Flexible spending account.

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Flexible Spending Account 401(k) Flexible Spending Deductible 96

InterWest Insurance Services

APRIL 11, 2024

Chamber of Commerce, found that firms with 100 or more workers to whom they offer group health benefits gained from increased productivity, reduced direct medical costs (for self-insured firms), tax benefits and improved retention and recruitment.

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401(k) Health Insurance Insurance Taxes 93

WEX Inc.

OCTOBER 5, 2023

Here are some prime examples: Supplemental life insurance : This benefit allows you to bolster your life insurance coverage, ensuring your loved ones are well taken care of in case of the unexpected. They can genuinely improve your quality of life. It is not legal or tax advice.

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Money Talk

DECEMBER 2, 2021

Like term life insurance, it is a form of insurance for “big ticket" purchases. An extended warranty fee may seem “cheap” compared to the cost of a big-ticket item with sales tax, but it is not a purchase requirement. An extended warranty (a.k.a.,

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IT Life Insurance Electronics Manufacturing 135

Genesis HR Solutions

SEPTEMBER 22, 2020

There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Medical Insurance. 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.

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Business Management Daily

MARCH 9, 2020

Our expert pay and tax attorney Alice Gilman addresses readers’ questions on everything from the new w-4 to taxable prizes. In the short-term, since the employee hasn’t presented you with a valid form, you must withhold federal income taxes as if she is single and claimed no other adjustments on her form (i.e.,

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Payroll Service Taxes Payroll Life Insurance 52

Employee Benefits

JULY 11, 2023

The remaining amount is covered by employees from their post-tax salary. Choosing the right workplace pension provider can also offer a tax benefit via salary sacrifice – reducing the company’s National Insurance contributions and enabling your employees to retain more of their earnings.

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Employee Benefits Pension Life Insurance Health Insurance 98

Insperity

NOVEMBER 26, 2024

Standard” benefits may include: Health, dental and vision insurance Retirement savings plan, with a company match Life insurance Disability insurance Workers’ compensation insurance Paid time off (PTO) – two weeks per year at a minimum, three weeks per year preferred.

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Employee Benefits Family and Medical Leave Act PTO Flexible Spending Account 69

Hppy

NOVEMBER 26, 2024

401(k) for private companies or 403(b) for non-profit organizations allow employees to allocate a portion of their pre-tax earnings to retirement savings. Life Insurance Some employers offer life insurance as an extra benefit to their workforce.

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Benefits Package 401(k) PTO Health Insurance 36

Insperity

JANUARY 27, 2022

The IRS’ Publication 15-B (2021) Employer’s Tax Guide to Fringe Benefits defines a fringe benefit as “a form of pay for the performance of services. Unless specifically excluded by the tax code, all fringe benefits are taxable as income. What are fringe benefits? In common parlance, fringe benefits (a.k.a. for partners in the business.

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Employment Taxes Health Savings Account Benefits Package 98

Insperity

FEBRUARY 11, 2021

Not only do you have to figure out the proper way to pay your people, you have to withhold the appropriate taxes, deposit them and report them to the government. Most payroll services use automation to calculate wages, taxes and other withholdings properly and to generate and file tax returns. Locate or apply for your tax ID.

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Payroll Overtime Deductible Deductions 104

Professionals Alternative

SEPTEMBER 14, 2022

We listed a few keywords a loan officer should have a clear knowledge on, when going through the job description with job applicants: Property taxes: Property taxes are levied on the value of your real estate, which includes your house, commercial property, and vacant land. Property taxes are not collected by the federal government.

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Salary Taxes Retirement Plan Insurance 98

Employee Benefits

MAY 29, 2023

Benefits such as life insurance or disability insurance can provide financial support to employees and their families in the event of unforeseen circumstances. One of the most significant advantages of this type of employee benefit is that they are often tax-free.

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Salary Employee Benefits Disability Insurance Pension 98

HR Digest

SEPTEMBER 14, 2020

To qualify, the startup must have fewer than 25 full-time equivalent employees, pay average annual wages below $50,000 and contribute 50% or more toward employees’ self-only health insurance premiums. If eligible, the startup receives a tax credit of up to 50% to offset the cost of the insurance.

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Health Insurance Insurance Deductible Deductions 98

Money Talk

JULY 7, 2021

Below is a list of participants’ six most frequently mentioned concerns and suggested action steps from my class: Taxes in Retirement ¨ Hold assets (e.g., changes in insurers), if provided by a former employer ¨ Budget for health care costs in retirement (e.g., The presenter was not a J.D.

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Deductible Deductions Taxes Health Insurance 100

HR Digest

MAY 21, 2023

Payroll taxes 2. Health insurance Those benefits provide a baseline of employee expectations. Health insurance 2. Dental or vision insurance 4. Considering health care and life insurance 5. Retiree health insurance 6. The mandatory benefits form the foundation of all employee benefit packages.

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Benefits Package 401(k) Employee Benefits Disability Insurance 105

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.

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