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.

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Employee Benefits Deductions Deductible Salary 52

Employee Benefits

FEBRUARY 14, 2024

of the new employee’s salary. The post Kerry Hudson: Change in flexible-working arrangements for 2024 appeared first on Employee Benefits. A February 2023 report by global HR and payroll firm Remote showed that hybrid and remote workers are least likely to look for new roles (38%), compared to in-office workers (43.7%).

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Consulting Payroll Salary Recruitment 110

Employee Benefits

FEBRUARY 21, 2024

As of 6 January 2024, the cut means that all employees who currently pay NIC will benefit. The extent of the savings will depend on an employee’s salary , with annual savings of £457 for employees on average earnings of £35,400 and £754 for employees earning over £50,270 per annum. Is it all good news?

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Insurance Employment Taxes Salary 108

Money Talk

JULY 13, 2023

This rule takes effect in 2024 and Roth IRA income limits do not apply. The limit will be the greater of $10,000 or 150% of the standard catch-up amount for 401(k)s and similar salary reduction plans. Employer Retirement Plans - A “starter 401(k)” plan for employers with no current retirement plan will take effect in 2024.

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401(k) Retirement Plan Taxes Salary 130

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. Some banks have apps which enable this to be done automatically.

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Finance Banking Pension Insurance 104

Employee Benefits

MARCH 6, 2024

As announced in The Spring Budget, National Insurance (NI) is reducing from 10% to 8% from April 2024. a year in NI contributions and be able to pay an additional 1.03% of their salary into their workplace pension at no additional cost to them. because of the tax and NI saving. A person earning £20,000pa will save £148.60

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Pension Insurance Salary Taxes 98

Employee Benefits

NOVEMBER 22, 2023

Class 1 national insurance contributions (NICs) will be cut to 10% from 6 January 2024. According to the government, which announced the move in the Autumn Statement, this means the average worker earning £35,400 will receive a tax cut in 2024-25 of more than £450. From next year, employees will pay 10% and 2% respectively.

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Insurance Pension Taxes Salary 59

AssuredPartners

AUGUST 28, 2023

What does the 2024 ACA Affordability Decrease to 8.39 % mean to you? 2023-29 , here are the key facts and take-aways that are most likely to impact the employee-facing costs for your Employer sponsored 2024 health/prescription drug plans. 2024 Lowest-Cost Plan is no more than $101.93 How will it affect your health plans?

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IT Medical Salary Utilities 52

Employee Benefits

MAY 13, 2024

Benefits that do not provide a high level of service or tax advantage and are not competitively priced should not be included within a flexible benefits plan. “[However], despite the tax changes, salary sacrifice remains the main funding method for flexible benefits, due to the additional NI savings that are available,” he adds.

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Benefits Package Taxes Insurance Medical 105

PeopleStrategy

JANUARY 17, 2024

With 2024 being a leap year, the return of Feb. It also means you could end up paying salaried workers more if you haven’t already done some due diligence. Leap year impacts payroll, taxes, and benefits, all of which your payroll platform and other support services should be set up to handle. Have you checked your calendars?

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Payroll Payroll System Deductions Deductible 52

Employee Benefits

APRIL 22, 2024

The frozen tax thresholds could see some employees ‘dragged’ into paying more tax and have less disposable income as a result. A salary sacrifice arrangement can support employees who are dealing with the impact of fiscal drag. Employers should ask employees about their financial pressures to understand how to support them.

Employment 59

Employment Taxes Finance Net Pay 59

Employee Benefits

JANUARY 24, 2024

Crypto currency is subject to income tax when an employee receives it but could also incur a capital gains tax charge if they hold it for more than 30 days. It’s being used more for incentive schemes than to replace salary or bonuses,” she explains. “The other currencies behave more like small dotcoms or scams.”

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Global Payroll Employment Taxes Pension 105

Employee Benefits

FEBRUARY 5, 2024

Credit: muk woothimanop/Shutterstock Need to know: Green electric vehicle (EV) salary sacrifice arrangements are growing in popularity. As well as tax savings, EVs can be cheaper to run and maintain, with used cars also a cost-effective option.

Management 91

Management Taxes Salary Engineering 91

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. The SECURE 2.0

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401(k) Retirement Plan Taxes Benefits Package 109

Employee Benefits

FEBRUARY 2, 2024

National Insurance (NI) is reducing from 12% to 10% from January 2024. a year in NI contributions and be able to pay additional 1.06% of their salary into their workplace pension at no additional cost to them. because of the tax and national insurance saving. A person earning £20,000pa will save £148.60

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Pension Insurance Salary Taxes 52

Business Management Daily

SEPTEMBER 1, 2023

Beginning with catch-up contributions to be made next year, employees whose Social Security wages (W-2, Box 3 wages) exceed $145,000 this year can make catch-up contributions on a Roth, after-tax basis only. And then there’s the teeny, tiny glitch of Congress dropping the section of the tax code allowing any catch-up contributions.

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401(k) Taxes Payroll Software Payroll 97

Employee Benefits

JUNE 20, 2023

Modern company car schemes can offer a tax-efficient means to access new vehicles. Car salary sacrifice arrangements are popular with employees due to the low cost and access to low and zero-emission vehicles. year-on-year increase in company cars funded through salary sacrifice to quarter three in 2022.

Salary 105

Salary Transportation Taxes Work From Home 105

Higginbotham

SEPTEMBER 12, 2023

23, 2023, the IRS issued Revenue Procedure 2023-29 to index the contribution percentages in 2024 for determining the affordability of an employer’s plan under the Affordable Care Act (ACA). percent of the employee’s household income for the year for purposes of both the pay or play rules and premium tax credit eligibility.

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Electronics Overtime Flexible Spending Account Salary 52

InterWest Insurance Services

NOVEMBER 25, 2022

HSAs allow your staff to set aside a portion of their pre-tax earnings into an account they can tap later to reimburse for qualified medical expenses, including copays, coinsurance, deductibles and medications. FSAs are similar to HSAs in that they are funded with pre-tax dollars and can be used to reimburse for qualified medical expenses.

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401(k) Deductions Deductible Flexible Spending Account 98

Employee Benefits

FEBRUARY 7, 2024

The organisation implemented the change because Lyft drivers last year earned, on average, 88% of customer payments after local taxes and the government-mandated extra insurance provided. If they are under this amount at the end of the week, they will be paid the difference.

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Parental Leave Medical Health Insurance 59

Workplace Insight

APRIL 8, 2024

Women, on average, outlive men but, as reported by the World Economic Forum ( WEF , 2024), spend approximately 25 percent of their lives in poor health. Firms should also provide salary sacrifice schemes to help women set aside pre-tax salary to support their health and wellbeing. Shared parental leave is also a must.

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Family and Medical Leave Act Parental Leave Healthcare Education 97

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.

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Employee Retention Bonuses Recruitment Taxes 111

Employee Benefits

JANUARY 31, 2024

Close Brothers Asset Management’s January 2024 report Spotlight on UK financial wellbeing found that only half of UK employers have a financial wellbeing strategy for their employees, despite the continuing cost-of-living crisis. Financial wellbeing support can be tailored to match an employer’s budget and employees’ needs.

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Pension Finance Education Taxes 64

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.

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

Employee Benefits

MARCH 6, 2024

Analysis by the Living Wage Foundation, Employee jobs paid below the real living wage 2023, published in February 2024, found that 3.7 in London), employees aged 21 plus will, from 1 April 2024, receive £11.44 For a low-paid employee who never has to claim, this simply equates to a higher tax bill,” he explains.

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Bonuses Life Insurance Insurance Payroll 64

cipHR

OCTOBER 14, 2022

Income tax changes. With the aim of making the UK more competitive as well as an attractive place to grow a business, the basic rate of income tax will now be cut from 20% to 19% from April 2023, rather than from April 2024. percentage point increase for the remainder of the 2022-23 tax year. IR35 reforms changes.

Payroll 52

Payroll Outsourcing Payroll Taxes Government 52

Employee Benefits

MARCH 6, 2024

Employers may consider offering staff membership of an income protection scheme that will cover their salary for a longer period. Neonatal rights are being extended in 2024, so we will undoubtedly see a move towards retention packages, including support for baby loss. Employment law is moving in a more family-focused direction.

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Family and Medical Leave Act Employment IT Pension 59

Money Talk

FEBRUARY 15, 2024

With 2023 tax season well underway, now is a good time to examine income tax rates, which are a percentage of taxpayers’ income that is taxed. income tax system is progressive, which means that taxes take a larger percentage of income from taxpayers with higher taxable incomes.

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Taxes 401(k) Commissions Finance 179

Higginbotham

JULY 25, 2023

The proposed rule would also clarify the tax treatment of certain benefit payments in fixed amounts received under employer-provided accident and health plans. The proposed overtime rule could provide clarity for classifying exempt employees and increasing their salary levels under the FLSA.

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Global People Strategist

FEBRUARY 12, 2019

Together with his current administration, López has come up with the 2018-2024 Nation Project designed to address issues related to economic, educational, and social matters. 2018-2024 Nation Project. Tax Policy. Improvements on tax collection. Emphasis on maintaining financial and tax discipline.

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Employment Taxes Government Deductions 40

Employee Benefits

DECEMBER 20, 2023

It is important that those retiring in 2024 understand their options, make informed decisions, and avoid making mistakes with their hard-earned savings. To help, WEALTH at work, has created a list of top tips for employees who are thinking about retiring in 2024. Current outgoings are a good place to start when working this out.

Pension 52

Pension Taxes Retirement Plan Education 52

Empuls

MARCH 23, 2023

At a time when the world was grappling with a health crisis, what could an employee retention tax credit have done? How did the employee retention tax credit or erc originate? Layoff means no steady salary, translating into low spending, and negatively impacting the non-essential business revenues. Clearly, a win-win situation!

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Employee Retention Taxes Government Payroll 40

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.

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401(k) Health Savings Account Pharmaceutical Deductions 98

Employee Benefits

MAY 6, 2024

Voluntary benefits are additional benefits that employers can offer to their employees alongside their salary. Are there any tax or legal issues? Lifestyle savings and shopping discounts are often a mainstay of off-the-shelf benefits packages because they do not attract any additional tax.

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Voluntary Benefits Benefits Package Net Pay Retail 59

Benefits Notes

DECEMBER 28, 2022

For plan years after December 31, 2024, the catch-up contribution limitation is increased to the greater of $10,000 or 50% of the regular catch-up contribution amount for individuals who have attained ages 60, 61, 62, and 63. Effective January 1, 2024, the Act increases the cash-out limit for involuntary distributions from $5,000 to $7,000.

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401(k) Retirement Plan Taxes Salary 52

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. Compensation and Benefits: Compensation Planning : Helps design and manage salary structures, bonuses, and other forms of compensation.

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Software Payroll Global Payroll Human Resources 64

Higginbotham

NOVEMBER 15, 2023

IRS Announces 2024 FSA, Retirement Plan Limits Earlier this month, the Internal Revenue Service (IRS) released cost-of-living adjustments and inflation-adjusted limits for 2024 that affect amounts employees can contribute to health flexible spending accounts (FSAs), 401(k) plans and individual retirement accounts (IRAs).

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401(k) Retirement Plan Flexible Spending Account Insurance 52