PayrollOrg

JANUARY 25, 2022

In this December 2021 issue of Compliance TV: President signs infrastructure bill that ends ERC early; Reminder that payment of deferred social security tax from 2020 Is due soon; IRS announces 2022 retirement plan contribution and benefit limits; and IRS announces 2022 COLAs for transportation fringes, FSA deferrals, foreign earned income exclusion, (..)

Retirement Plan 373

Retirement Plan Transportation Taxes 373

HR Lineup

SEPTEMBER 28, 2024

Payroll and Compensation Management: Automates payroll processing , salary adjustments, and tax calculations. Benefits Administration: Tracks and manages employee benefits, such as health insurance, retirement plans , and leave policies. Time and Attendance: Records work hours, leave balances, and overtime.

Human Resources 245

Human Resources Payroll Recruitment Retirement Plan 245

Money Talk

JUNE 16, 2022

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.

Taxes 188

Taxes 401(k) Retirement Plan Pension 188

Money Talk

DECEMBER 27, 2024

The latter is when an investment downturn occurs early in retirement, people need to sell shares for living expenses, and funds are no longer available for a rebound. Also, with tax-deferred retirement plans subject to RMDs, savers are in a partnership with the IRS. Investors should also review their portfolio (e.g.,

Retirement Plan 166

Retirement Plan Finance Taxes Insurance 166

Money Talk

SEPTEMBER 14, 2023

One of the niche audiences for my business, Money Talk , is older adults grappling with financial issues such as creation of a retirement “paycheck,” paying taxes on required minimum distributions (RMDs), and simplifying financial accounts. Taxable accounts outside of retirement savings plans, 2. Tax-free accounts (e.g.,

Taxes 194

Taxes 401(k) Retirement Plan Pension 194

Money Talk

AUGUST 8, 2024

With less than five months remaining in 2024, now is the time to begin serious tax planning for your 2024 income tax return. I recently attended a webinar with some tips for financial advisors about reviewing clients’ tax returns. Simply look at your 2023 tax return and divide your total tax owed by taxable income.

Taxes 176

Taxes Deductible Deductions Finance 176

Money Talk

FEBRUARY 23, 2023

Knowing your tax rate can help you prepare a tax return and take action(s) to reduce your tax liability. Do you know your federal income tax rate? You may actually have several different tax rates (e.g., This post describes the different federal tax rates that apply to taxpayers. non-retirement) accounts.

Taxes 188

Taxes Retirement Plan Finance Commissions 188

Money Talk

APRIL 14, 2022

The 2021 income tax season will soon be in the history books. With income tax calculations still fresh in our heads, this is a great time to do some tax planning for 2022. Changed Income- A change in household income this year- up or down- will affect income taxes. Specific rules for claiming dependents apply.

Taxes 189

Taxes Family and Medical Leave Act 401(k) Deductible 189

WEX Inc.

NOVEMBER 21, 2024

Additionally, health savings accounts (HSAs) continue to gain attention as a powerful tool for retirement planning, offering tax advantages and the ability to save for future healthcare costs. Employers should prepare for potential changes in healthcare policy, retirement plans, and wage laws.

Employee Benefits 104

Employee Benefits 401(k) Employment Health Savings Account 104

Money Talk

DECEMBER 7, 2023

As the year winds down so, too, does your opportunity to take proactive steps to reduce 2023 income tax due in April 2024 and, perhaps, taxes due in future years as well. Below are some money-saving tax planning strategies to consider. Year-to-Year Comparison - Once a draft 2023 tax return is prepared, compare it to 2022.

Taxes 158

Taxes Retirement Plan Deductible Deductions 158

McDermott Will & Emery Employee Benefits

DECEMBER 14, 2022

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections beginning January 1, 2023.

Retirement Plan 98

Retirement Plan Taxes Pension Utilities 98

Money Talk

DECEMBER 29, 2021

Income Taxes- Tax filing was pushed back to May 17 and advance child tax credits were sent to income-eligible families with children from July to December. There was also late notice of tax exemption for up to $10,200 of 2020 unemployment benefits. savings bond purchases due to inflation fears, meme stock (e.g.,

Finance 363

Finance Taxes Insurance Retirement Plan 363

PayrollOrg

AUGUST 28, 2023

The IRS has announced an administrative transition period to extend until 2026 the new requirement that additional elective deferrals made by higher-income participants in retirement plans be designated as after-tax Roth contributions.

Retirement Plan 260

Retirement Plan Taxes 260

Money Talk

JUNE 13, 2024

With the 2023 tax filing deadline in the rear view mirror, now is a good time to look ahead to 2024 taxes that you will owe in April 2025. This post extends that discussion with a description of seven key steps to take to plan for your 2024 tax return due in 2025. 401(k) plan).

Taxes 125

Taxes 401(k) Retirement Plan Health Savings Account 125

Money Talk

MAY 11, 2023

I recently attended three webinars related to retirement planning. One discussed required minimum distribution (RMD) rules, the second, retirement planning in general, and the third, the FIRE ( F inancial I ndependence, R etire E arly) movement. Use of RMD Withdrawals - A chunk will pay income taxes.

Retirement Plan 246

Retirement Plan Taxes Finance Government 246

HR Lineup

MARCH 10, 2022

A non-qualified deferred compensation (NQDC) plan is whereby an employer reaches an agreement with an employee to pay them sometime in the future. It is mainly applied to executive staff benefits, whereby employees get to postpone their income taxes on their earnings. However, as mentioned earlier, this plan is not protected by ERISA.

401(k) 246

401(k) Retirement Plan Deductible Deductions 246

WEX Inc.

OCTOBER 2, 2024

Watch the video to hear more from our own Jason Cook about the retirement-planning potential of an HSA. 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.

Employee Benefits 98

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 98

Proskauer's Employee Benefits & Executive Compensa

JUNE 6, 2022

Or at the very least, predict the timing of a retirement plan audit? Last Friday, the IRS Employee Plans division announced a new pilot program whereby it will notify retirement plan sponsors 90 days in advance that their plan has been selected for upcoming examination.

Retirement Plan 110

Retirement Plan Taxes IT 110

McDermott Will & Emery Employee Benefits

AUGUST 22, 2023

The US Department of the Treasury and the Internal Revenue Service recently issued proposed regulations on the use of forfeitures by tax-qualified retirement plans. The proposed changes provide welcome clarity for plan sponsors but may require revisions to plan administration and legal plan documents.

Retirement Plan 98

Retirement Plan Taxes Employee Benefits 98

WEX Inc.

JUNE 13, 2023

And baby boomers are actually the highest percentage of retirement-account holders among any group segmented in a 2021 survey by the U.S. This lack of retirement planning by large segments of employees is leading to more stress for them and less productivity at work. First, offer retirement plans. Census Bureau.

Retirement Plan 98

Retirement Plan 401(k) IT Healthcare 98

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 3, 2023

On November 1st, the IRS released a number of inflation adjustments for 2024, including to certain limits for qualified retirement plans. The table below provides an overview of the key adjustments for qualified retirement plans. As expected, this year’s adjustments are more modest than last year’s significant increases.

Retirement Plan 101

Retirement Plan Employee Compensation Taxes 401(k) 101

WEX Inc.

JULY 24, 2023

Fortunately, there’s an often overlooked way to help employees build wealth and prepare for retirement. Why HSAs for retirement planning? These accounts provide another way for your employees to diversify their efforts to prepare for retirement. Click below to get your free HSA retirement white paper.

Retirement Plan 98

Retirement Plan 401(k) Health Savings Account Taxes 98

Proskauer's Employee Benefits & Executive Compensa

JANUARY 3, 2023

was signed into law on December 29, 2022 , making it important for plan sponsors and plan administrators to familiarize themselves with the new rules. Correction of Retirement Plan Overpayments. changes how retirement plan overpayments are corrected in two key ways, which are detailed below.

Retirement Plan 106

Retirement Plan Taxes Utilities Employment 106

WEX Inc.

JULY 9, 2024

By contributing more to your HSA, you can use these pre-tax funds to pay for eligible routine or unexpected healthcare expenses that your healthcare plan may not cover. For those who do not have a lot of savings or flexibility in budgeting, investing HSA funds can be a key component to your retirement strategy.

Health Savings Account 98

Health Savings Account Healthcare Medical Taxes 98

Money Talk

JANUARY 18, 2023

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., Marginal Tax Brackets - Income ranges in the seven marginal tax brackets ranging from 10% to 37% are inflation-based. When bracket incomes rise, people may be taxed at lower tax rates. million in 2022).

401(k) 246

401(k) Banking Deductible Deductions 246

Money Talk

MARCH 15, 2023

Three Types- Fixed annuities are like CDs, only tax-deferred, and guarantee a certain interest rate for a specified time period. Variable annuities are like mutual funds, only tax-deferred, and their owners select underlying mutual funds, called subaccounts, which determine an annuity’s performance. Medicaid planning, 2.

401(k) 244

401(k) Life Insurance Taxes Insurance 244

Money Talk

APRIL 20, 2023

Individual Retirement Account (IRA)- There are two types: traditional (funded with before-tax dollars) and Roth (funded with after-tax dollars). Simplified Employee Pension (SEP)- This is a retirement savings plan for self-employed workers and small business owners. barn, silo, riding arena), farm equipment (e.g.,

401(k) 246

401(k) Pension Retirement Plan Taxes 246

Money Talk

APRIL 11, 2024

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.

401(k) 185

401(k) Taxes Retirement Plan Pension 185

Money Talk

JANUARY 26, 2022

One of the most daunting financial aspects of retirement, especially for people who have been diligent savers throughout their working years, is taking required minimum distributions (RMDs) from their tax-deferred retirement savings accounts beginning at age 72. 401(k)/403(b)/457, TSP, SEP, and Traditional IRA accounts).

401(k) 189

401(k) Taxes Retirement Plan Finance 189

HR Lineup

JANUARY 29, 2024

A pay stub not only serves as a record of an employee’s earnings but also provides crucial information about deductions, taxes, and other financial details. Deductions: Federal and state taxes Social Security and Medicare contributions Health insurance premiums Retirement contributions 4. Deductions and Taxes 1.

Net Pay 246

Net Pay Deductible Deductions Payroll Software 246

Money Talk

OCTOBER 27, 2022

While taxpayers have until the tax filing deadline in April 2023 to contribute to an individual retirement account (IRA) for 2022, many people prefer to make all of their current year tax-saving moves before year-end. IRAs are not an investment, per se, but, rather, a special classification for tax purposes.

Deductible 245

Deductible Deductions Commissions Taxes 245

HR Lineup

DECEMBER 22, 2021

This resource focuses on making retirement planning as easy as possible. Depending on the requirements of an organization or individual, it can build and run a professional retirement planning simulation in a short period. Random Walk Ventures LLC is responsible for the original creation of the planner in 2006.

Retirement Plan 246

Retirement Plan Employee Compensation Human Resources Consulting 246

InterWest Insurance Services

OCTOBER 31, 2024

Over 80% of middle-market respondents report that they got their health insurance, disability insurance and retirement plan all through their employer. In some instances, it can even save on payroll taxes. Meanwhile, six in 10 have no life insurance in place outside of the workplace. To learn more, call us.

Disability Insurance 98

Disability Insurance Life Insurance Deductible Deductions 98

Money Talk

MARCH 24, 2022

Depending on household income/assets and lifestyle decisions, income taxes and housing costs may increase or decrease. Sources of Retirement Income - Income sources include Social Security, employer defined-benefit pensions or defined-contribution retirement plans (e.g., 401(k)s), tax-deferred accounts (e.g.,

401(k) 278

401(k) Finance Entertainment Taxes 278

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. Financial Incentives Beyond salaries, employers might offer retirement plans (e.g.,

401(k) 52

401(k) Health Insurance Taxes Retirement Plan 52

HR Lineup

JULY 6, 2023

Payroll Outsourcing: Payroll is a critical HR function that involves the calculation of employee salaries, tax deductions, and compliance with local labor laws. This type of outsourcing is particularly beneficial for organizations that require large-scale hiring or lack internal recruitment capabilities.

Human Resources 246

Human Resources Outsourcing Payroll Retirement Plan Payroll 246

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 designations are important estate-planning tools and should not be overlooked to make sure your hard-earned money gets passed down to those you select to receive it.

401(k) 235

401(k) Life Insurance Retirement Plan Finance 235