Griffin Benefits

JUNE 7, 2023

On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. Eligible individuals with self-only HDHP coverage will be able to contribute $4,150 to their HSAs for 2024, up from $3,850 for 2023.

Health Savings Account 77

Health Savings Account Deductions Deductible Taxes 77

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! There have been various laws and guidance impacting HDHPs and telehealth since 2020 and most recently, new legislation extended relief for 2023 and 2024 plan years.

Deductions 40

Deductions Deductible Family and Medical Leave Act Health and Welfare 40

Employee Benefits

JANUARY 18, 2024

Our research found that almost half of UK employees say they’re likely to look for a new role in 2024. That’s why SmartPay, our cost-neutral salary deduction scheme, is the employee benefit your people and business need in 2024. It’s hardly surprising that financial health is a 2024 priority for so many in the UK.

Employee Benefits 52

Employee Benefits Deductions Deductible Salary 52

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. Like inheritances, life insurance is generally not subject to income tax. If they didn’t discover their tax error, they would not have it.

Life Insurance 171

Life Insurance Pension Benefit Retail Taxes 171

HR Lineup

APRIL 4, 2024

As we stand in 2024, it’s imperative to explore the dichotomy between automated payroll and manual payroll systems, understanding their respective merits, challenges, and the overall impact they have on businesses. Calculations, including taxes and deductions, are automated, reducing the potential for errors.

Payroll 50

Payroll Payroll System Deductions Deductible 50

Workplace Insight

APRIL 2, 2024

There are a number of employment law changes coming into effect on 6 April 2024 that will impact SMEs the most. These new changes can be applied from holiday years starting on or after 1 April 2024. Employers are obligated to distribute tips to workers by the end of the subsequent month following their receipt.

Parental Leave 114

Parental Leave Employment Deductions Deductible 114

Best Money Moves

MARCH 11, 2024

The 4 best benefits in 2024, according to employees. Here are the 4 best benefits in 2024, according to employees. Here are the best benefits in 2024 based on input from real workers. Average healthcare premiums for American families increased 7% in 2024, according to research from KFF.

Retirement Plan 98

Retirement Plan Healthcare Healthcare Benefits Parental Leave 98

InterWest Insurance Services

JUNE 8, 2023

for 2024, the largest increase ever, brought to you by inflation. The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans. Here are the changes coming in 2024: HSA annual contribution limit Self-only plan: $4,150, up 7.8%

Deductions 52

Deductions Deductible Health Savings Account Medical 52

InterWest Insurance Services

MARCH 7, 2024

If you have staff with health savings accounts, they still have until April 15 to make additional contributions to their accounts if they want to reduce their tax bills for last year. For 2024, the limits are $4,150 for single coverage and $8,300 for family coverage.) Withdrawals to reimburse for these expenses are also not taxed.

401(k) 89

401(k) Health Savings Account Pharmaceutical Deductions 89

AssuredPartners

SEPTEMBER 11, 2023

Set to begin on January 1, 2024, employers covered under the new law certain employers located within designated Illinois counties and townships, as discussed further below will be required to provide a pre-tax commuter benefit allowing covered employees to utilize pre-tax dollars to purchase a transit pass via a payroll deduction.

Taxes 52

Taxes Transportation Deductions Deductible 52

HR Lineup

FEBRUARY 5, 2024

Any business requires the best payroll software 2024 to manage its employees’ payroll. The software should be very effective to manage taxes and employee benefits. It should also ensure that employees receive accurate information concerning their wages/salaries or any other deductions. It is affordable, easy to use, and fun.

Payroll Software 52

Payroll Software Payroll Software Online Payroll 52

WEX Inc.

MAY 2, 2024

For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention. Health reimbursement arrangement An HRA is an employer-funded benefits plan that employees use to save pre-tax dollars on medical costs. In an HSA, in 2024, a single has a limit of $4,150 and family $8,300. Investment potential.

Health Savings Account 98

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

PeopleStrategy

DECEMBER 12, 2023

HSA Compliance Health savings accounts (HSAs) have become commonplace in the last several years as a way to offset high deductible health plans. People like HSAs in part because of their triple tax advantage. That means you need to be acutely aware of changes, such as new annual limits on contributions and required coverage in 2024.

401(k) 52

401(k) Overtime Health Savings Account Retirement Plan 52

HR Lineup

DECEMBER 1, 2023

As we step into 2024, the market is teeming with a variety of options, each vying to be the best solution for handling contractor payroll. In this comprehensive guide, we will delve into the top 10 contractor payroll software options for 2024, exploring their features, benefits, and what sets them apart.

Payroll Software 82

Payroll Software Payroll Software Taxes 82

InterWest Insurance Services

NOVEMBER 25, 2022

They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. Every year, the employee must decide how much they want their employer to deduct (pre-tax) from their paycheck to set aside in their HSA. 7,750 for family coverage (up $450).

401(k) 88

401(k) Deductions Deductible Flexible Spending Account 88

Employee Benefits

DECEMBER 19, 2023

Outgoings can then be divided into fixed costs which have to be paid such as mortgage, rent, council tax, energy and water, and then those which you may be able to cut back on such as supermarket shopping, monthly contracts for TV, subscriptions and other spending. Many employers offer payroll-deducted savings schemes for effortless saving.

Finance 104

Finance Banking Pension Insurance 104

InterWest Insurance Services

AUGUST 1, 2023

Besides the above, you will also need to decide if you want to reduce the premium for your organization and staff by offering high-deductible health plans. These plans can be either an HMO or a PPO, but they have the same feature of having a high deductible that needs to be met before benefits really kick in.

Family and Medical Leave Act 96

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 96

InterWest Insurance Services

AUGUST 22, 2023

Besides the above, you will also need to decide if you want to reduce the premium for your organization and staff by offering high-deductible health plans. These plans can be either an HMO or a PPO, but they have the same feature of having a high deductible that needs to be met before benefits really kick in.

Family and Medical Leave Act 92

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 92

PeopleStrategy

JANUARY 17, 2024

With 2024 being a leap year, the return of Feb. Leap year impacts payroll, taxes, and benefits, all of which your payroll platform and other support services should be set up to handle. Tax Implications The good news is that IRS tax withholding requirements do not change this year—at least because of the additional pay period.

Payroll 52

Payroll Payroll System Deductions Deductible 52

InterWest Insurance Services

DECEMBER 7, 2023

The IRS recently announced that the annual contribution limit for flexible spending accounts will rise to $3,200 in 2024, up $150 from this year. 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.

Flexible Spending Account 90

Flexible Spending Account Flexible Spending Pharmaceutical Health Savings Account 90

Assurance Agency

AUGUST 23, 2023

The TBPA requires these employers to offer covered employees the opportunity to participate in a tax-free commuter benefit program according to the federal IRS rules found in §132(f). While pre-tax transit programs have been around for several years, not all employers are familiar with the details of how these programs work.

Deductions 52

Deductions Deductible Transportation Taxes 52

Assurance Agency

AUGUST 23, 2023

The TBPA requires these employers to offer covered employees the opportunity to participate in a tax-free commuter benefit program according to the federal IRS rules found in §132(f). While pre-tax transit programs have been around for several years, not all employers are familiar with the details of how these programs work.

Deductions 52

Deductions Deductible Transportation Taxes 52

Higginbotham

JUNE 9, 2023

The fees are reported and paid annually using IRS Form 720 (Quarterly Federal Excise Tax Return). Calculating the PCORI Fee Payment In general, the PCORI fees are assessed, collected and enforced like taxes. That number is then multiplied by the applicable rate for that tax year ( $2.79 for plan years ending on or after Oct.

Deductions 52

Deductions Deductible Health Insurance Taxes 52

HR Digest

SEPTEMBER 11, 2023

You must deduct and/or contribute a standard percentage of an employee’s wages to fund paid family and medical leave. Because federal FMLA is unpaid, you don’t have to worry about these types of payroll deductions. Employees can access paid family and medical leave benefits starting in 2024. states offering family leave paid?

Family and Medical Leave Act 86

Family and Medical Leave Act Paid Sick Leave Paid Leave Parental Leave 86

Higginbotham

JANUARY 12, 2024

These setups can often provide substantial tax benefits as well. Taxes: Withdrawals are not typically subject to income tax, and contributions may be tax-free as well. This can reduce the income taxes that employees owe. While employers are not required to offer HSAs, FSAs or HRAs, many choose to do so.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Insperity

OCTOBER 10, 2023

This enables workers to pay taxes up front on the funds they contribute, and then grow and withdraw these larger funds at a later date tax free. Starting in 2024, employees’ annual contribution limits to some SIMPLE 401(k)s or IRAs will rise. It’s important to note that these are tax credits, not deductions.

401(k) 108

401(k) Retirement Plan Taxes Benefits Package 108

Vantage Circle

JANUARY 9, 2024

Quick Summary This blog lists the Top 15 HCM Software Platforms after a rigorous review of the top-performing HCMs in the HR space in 2024. Rippling started in 2016 with headquarters in San Francisco, US; ever since, it has experienced significant growth, serving over 2000 customers in 2024 as per the latest reports.

Software 65

Software Payroll Global Payroll Human Resources 65

WEX Inc.

FEBRUARY 15, 2023

A medical FSA is a tax-advantaged employee benefit that gives participants the opportunity to save on out-of-pocket medical, dental, and vision eligible expenses. Your annual election amount comes out of your paycheck, and these pre-tax dollars are deposited directly into your FSA to be used on eligible expenses.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

WEX Inc.

FEBRUARY 2, 2023

trillion spending bill that President Biden signed into law in December 2022 included an additional two-year extension of these provisions, so Medicare telehealth coverage provisions will remain in place through 2024. HSA-qualifying health plans may continue to cover telehealth services on a pre-deductible basis through 2024.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Taxes 52

Employee Benefits

JUNE 20, 2023

Modern company car schemes can offer a tax-efficient means to access new vehicles. Due to the tax-efficient means of accessing a new cars, schemes can help attract and retain staff and allow them to move towards a more environmentally-friendly way of travel. A company car can be a useful attraction and retention tool for employers.

Salary 105

Salary Transportation Taxes Work From Home 105

Employee Benefits

FEBRUARY 26, 2024

We interviewed over 1,000 UK employees and found that almost half would be looking for a new role in 2024. 180,000 is a substantial amount to pay to replace employees in 2024 – a year when business costs remain high. Green Car Scheme – tax and NIC savings for employer and employee.

Employee Retention 111

Employee Retention Bonuses Recruitment Taxes 111

The Workcomp Writer

JANUARY 19, 2024

Ryder , 2024 N.Y. 17, 2024)]. But Hearst had not deducted taxes from Ryder’s pay, nor had Hearst offered Ryder insurance. Labor Law § 511[23], which generally provide that newspaper delivery persons were not employees entitled to unemployment insurance coverage or workers’ compensation benefits [ Smith v. LEXIS 169 (Jan.

Workers’ Compensation 52

Workers’ Compensation Insurance Transportation Deductions 52

Business Management Daily

JANUARY 5, 2023

Congress has chosen to pay for it by mandating that plans offering certain 401(k) features, like catch-up contributions, be made on an after-tax, Roth basis. Every mention of the word “Roth” will require significant adjustments to your payroll system to accommodate after-tax withholding. Tax credit for start-up costs.

401(k) 52

401(k) roth 401(k) Taxes Deductions 52

Employee Benefits

MAY 3, 2023

It also suggested that this would free up £200m per year of otherwise deducted tips, to go back into the pockets of employees. The measures are expected to come into practice in 2024, following a consultation and secondary legislation.

Hospitality 105

Hospitality Government Deductions Deductible 105

AssuredPartners

OCTOBER 18, 2022

2022-38 the annual inflation adjustments for the 2023 tax year. For cafeteria plans that allow for the carryover of unused amounts, the maximum carryover amount is now permitted to increase by $40, now capped at $610 (for 2023 rollovers into 2024 plans). Health Savings Accounts and High Deductible Health Plans.

Healthcare 52

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 52

Empuls

FEBRUARY 26, 2024

  Workplace dynamics are constantly evolving, the year 2024 promises a revolutionary shift in how organizations approach employee experience. Hybrid working models will be on the rise The remote work revolution that gained momentum in the previous years shows no signs of slowing down in 2024.

Employee Benefits 40

Employee Benefits Financial Counseling Healthcare Retirement Plan 40

AssuredPartners

FEBRUARY 1, 2022

On January 27, 2022, Governor Jay Inslee signed into law two bills, SHB 1732 and SHB 1733, that delay the start of many WA Cares program activities, including delaying the start of employee premium payroll deductions by 18 months. This bulletin is provided for informational purposes only and may not be construed as legal or tax advice.

Commissions 98

Commissions Insurance Taxes Deductions 98