Money Talk

JANUARY 18, 2023

The year 2022 was chock full of news about inflation, with a year-to year Consumer Price Index increase of 9.1% 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) 245

401(k) Banking Deductions Deductible 245

WEX Inc.

MARCH 7, 2023

The season for filing taxes is upon us once again. We're getting closer to the deadline for filing for 2022. We wanted to share a few tips and reminders about the health savings account (HSA) information you’ll need for your tax return. You'll need this form when filing your taxes.

Taxes 98

Taxes Health Savings Account Deductions Deductible 98

Proskauer's Employee Benefits & Executive Compensa

MARCH 22, 2022

Effective April 1, 2022, high-deductible health plans can once again offer first-dollar coverage for telehealth and other remote services without making participants ineligible for health savings account (“HSA”) contributions. But there is no gap if the plan’s current plan year started before January 1, 2022.).

Deductions 97

Deductions Deductible Health Savings Account Taxes 97

Money Talk

SEPTEMBER 30, 2022

Many are middle income taxpayers who diligently saved and invested for 4-5 decades in tax-advantaged plans. As I wrote in my book Flipping a Switch , some older adults must “plan for higher taxes in the future, especially when required minimum distributions (RMDs) kick in.” IRMAA surcharges. to $573.30 for Medicare Part B and $12.40

401(k) 244

401(k) Taxes Pension Deductions 244

Insperity

OCTOBER 10, 2023

In December 2022, the U.S. Act of 2022 enables business leaders to: Deliver additional financial benefits to round out an organization’s compensation strategy Remain competitive in an increasingly dynamic labor market Win the war for talent In this blog, we’ll discuss: What the SECURE 2.0 The SECURE 2.0

401(k) 109

401(k) Retirement Plan Taxes Benefits Package 109

Money Talk

JUNE 28, 2023

Below are ten mid-year financial tweaks and tasks: Tax-Deferred Savings Tweak - Perhaps you will get a raise on July 1. Consider completing the paperwork needed to save more money from July to December in your employer’s tax-deferred retirement savings plan. The 2023 maximum pre-tax contribution is $3,050.

Flexible Spending Account 239

Flexible Spending Account Banking Health Savings Account Finance 239

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! The relief allows, but does not require, HDHPs to provide telehealth and other remote care services on a pre-deductible basis without making participants health savings account (“HSA”) ineligible.

Deductions 52

Deductions Deductible Family and Medical Leave Act Health and Welfare 52

InterWest Insurance Services

DECEMBER 9, 2021

As we enter 2022, there are a number of changes on the horizon that plan sponsors need to be aware of as they will affect group health plans as well as employees enrolled in those plans. Here’s a list of what to expect in 2022. For 2022, the affordability level will be 9.61% of their household income, down from 9.83% in 2021.

Health Insurance 98

Health Insurance Insurance Insurance Carriers Deductions 98

Employee Benefits

MARCH 15, 2023

She did not gain online access to her pay slips until early 2022, nearly a year into her employment, when she discovered that despite not earning enough to meet the tax threshold, deductions had been made from her pay. Storrie’s P60 and pay slip put her gross earnings at below the personal allowance for the tax year.

Taxes 59

Taxes Deductions Deductible Insurance 59

Money Talk

AUGUST 16, 2023

of Americans age 65+ were working in 2022. Tax on Social Security Benefits - Those who work and claim benefits will trigger taxes with a combined income above $25,000 (individuals) or $32,000 (married couples filing jointly). Continued FICA Tax - Like all workers, employed older adults must pay Social Security/ Medicare tax.

Taxes 130

Taxes Pension Deductions Deductible 130

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! The relief allows, but does not require, HDHPs to provide telehealth and other remote care services on a pre-deductible basis without making participants health savings account (“HSA”) ineligible.

Deductions 40

Deductions Deductible Family and Medical Leave Act Health and Welfare 40

Money Talk

AUGUST 10, 2022

The year 2022 is equally noteworthy for a “Great Unretirement” as millions of older workers who left jobs during the pandemic decided to come back into the labor force. 67 for workers born in 1960 or later), Social Security deducts $1 from benefits for every $2 earned above the annual limit ($19,560 in 2022).

Disability Insurance 246

Disability Insurance Taxes Health Insurance Pension 246

Stratus.HR

JUNE 16, 2022

When you first filled out your W-4 tax form as a new employee, you probably didn’t think much about it afterwards. But what if you’re filing your taxes a year later and you discover you had fewer taxes withheld from your paycheck than expected. What Is the function of the W-4 tax form?

Taxes 71

Taxes Outsourcing Payroll Deductions Deductible 71

WEX Inc.

MAY 8, 2023

More employees are enrolling in a high-deductible health plan (HDHP) each year, including more than half of U.S. HDHP vs. PPO deductible Nearly two-thirds of large employers provide their employees with the choice of an HDHP and a traditional health plan , such as a preferred provider organization (PPO). It is not legal or tax advice.

Deductions 97

Deductions Deductible Health Savings Account Employee Enrollments 97

Benefit Resource Inc.

JUNE 29, 2021

Find details on the HSA 2022 contribution limits for individuals and families and HDHP requirements here! For employers and individuals currently in a plan set at or near the minimum deductible limits, you will need to make adjustments to ensure your plan remains HSA eligible. HDHP minimum deductible: $1,400*.

Deductions 52

Deductions Deductible Taxes Employment 52

PeopleStrategy

APRIL 18, 2022

If you are running your own small business, then chances are that taxes are one your biggest expenses. Although having a good tax plan is place is an effective strategy, you can save more money for your business with our small business tax tips. Here are some useful ideas that can help you reduce your business taxes in 2022.

Taxes 52

Taxes Deductions Deductible Entertainment 52

CorpStrat

NOVEMBER 4, 2022

Year-end processing ensures your company’s Payroll and taxes are compliant with current federal, state, and local regulations. Verify Tax Form Information. During this time, it is crucial to verify that employee deductions have been updated to payroll once open enrollment closes. Businesses are responsible for Year-End Payroll.

Payroll 52

Payroll Bonuses Deductions Deductible 52

BerniePortal

MAY 11, 2021

The IRS recently issued new 2022 contribution limits for health savings accounts (HSA), which represent the total amount of tax-advantaged dollars that participants can deposit into these accounts.

Health Savings Account 81

Health Savings Account Health Insurance Deductions Deductible 81

PeopleKeep

NOVEMBER 8, 2021

A health savings account (HSA) is a tax-advantaged savings account a family or individual can use to pay for qualified medical expenses. HSAs are paired with a high-deductible health plan (HDHP) and have annual contribution limits. Each year, the IRS HSA rules adjust the guidelines regarding HDHPs and HSA contribution limits.

Health Savings Account 52

Health Savings Account Deductions Deductible Medical 52

WEX Inc.

MAY 17, 2023

2024 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. 2024 high-deductible health plan (HDHP) amounts and expense limits also increased. The 2024 HDHP minimum deductible is $1,600 for self-only coverage and $3,200 for family coverage. It is not legal or tax advice. With an HSA. Learn more!

Health Savings Account 98

Health Savings Account Deductions Deductible Taxes 98

Money Talk

JANUARY 19, 2022

Make Tax-Advantaged Gifts - Consider “bunching” charitable donations with other tax deductions (e.g., state income tax and local property tax) every so often (e.g., high income years) to exceed the standard deduction and benefit from itemizing. All of these will impact 2021 taxes that are due in April.

Flexible Spending Account 242

Flexible Spending Account Taxes Pension Deductions 242

WEX Inc.

MARCH 16, 2023

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). If you’re contributing to an HSA, and on a family HDHP, the maximum amount that you can contribute is $7,300 per year (in 2022).

Health Savings Account 98

Health Savings Account Deductions Deductible Healthcare 98

PeopleKeep

MAY 19, 2021

A health savings account (HSA) is a tax-advantaged savings account a family or individual can use to pay for qualified medical expenses. HSAs are paired with a high-deductible health plan (HDHP) and have annual contribution limits. Each year, the IRS adjusts the guidelines regarding HDHPs and HSA contribution limits.

Health Savings Account 92

Health Savings Account Deductions Deductible Medical 92

Global People Strategist

APRIL 20, 2022

However, French residents pay for these benefits through a substantial amount of taxes. Those who wish to work and reside in France have a variety of taxes to be paid, here is a closer look at the French tax system. Types of Taxes. Primarily there are three types of taxes in France. Income Tax. Income Tax.

Taxes 52

Taxes Transportation Pension Deductions 52

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) 98

401(k) Deductions Deductible Flexible Spending Account 98

Benefit Resource Inc.

DECEMBER 30, 2022

Pre-tax benefits are growing in popularity amongst employers and employees alike. This is because they offer a great way to save on taxes while still being able to use funds for medical, dependent care, and other expenses. In the last year alone, we’ve learned a lot about pre-tax benefits and how to maximize their potential.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

Employee Benefits

OCTOBER 31, 2023

Whilst a workplace pension provides a savings vehicle for retirement, many organisations want to put in place a tax efficient savings option for those looking to save in general and build financial resilience. This will provide employees with a convenient, flexible and tax efficient way to invest.

Deductions 98

Deductions Deductible Banking Taxes 98

Griffin Benefits

NOVEMBER 11, 2021

The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. What follows is a summary of the new IRS limits; Health Care FSA Limits Increase for 2022.

401(k) 55

401(k) Retirement Plan Health Savings Account Deductions 55

WEX Inc.

OCTOBER 4, 2023

You must be enrolled in a high-deductible health plan (HDHP) to be eligible, which lowers you insurance premiums. Health savings accounts have a triple-tax advantage, meaning distributions for qualified medical expenses and investment returns are tax-free, and contributions are tax-deductible.

401(k) 98

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

HR Professionals Magazine

MARCH 2, 2022

If benefits compliance seems like a never-ending game of whack-a-mole, 2022 will not disappoint. While challenges related to the COVID-19 pandemic dominate headlines, a number of new 2022 benefits compliance obligations and updates may fly under the radar. Effective for plan years beginning on or after January 1, 2022.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Deductions Deductible 52

Money Talk

JUNE 29, 2022

We are almost at the halfway mark of 2022, which makes this a perfect time to assess your financial progress and take action over the next six months. In it, I urged a review of tax deductions/credits, tax withholding, budgeting/cash flow, flexible spending accounts, financial goal progress, and investment portfolio status.

401(k) 245

401(k) Out of Pocket Cost Finance Flexible Spending Account 245

InterWest Insurance Services

MAY 12, 2022

The new limits were announced in conjunction with other changes, such as increases in the minimum deductibles and maximum out-of-pocket expenses for high-deductible health plans (HDHPs). Individual plan: $3,850, up from $3,650 in 2022. Family plan: $7,750, up from $7,300 in 2022. HDHP minimum annual deductible.

Health Savings Account 98

Health Savings Account Deductions Deductible Health 98

Benefit Resource Inc.

JANUARY 3, 2022

Benefit Resource (BRI) is here to help you use your pre-tax funds to combat some of the costs that come with welcoming your new addition. Switch to a high-deductible health plan. This allows you to save on monthly premiums while putting tax-free money aside in your HSA. As a bonus, all of your gains will come out pre-tax!

Taxes 72

Taxes 401(k) Out of Pocket Cost Health Savings Account 72

Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. For IRAs, the amount an individual can contribute increases to $6,500 (up from $6,000 in 2022).

401(k) 82

401(k) Retirement Plan Health Savings Account Deductions 82

InterWest Insurance Services

JANUARY 27, 2023

The most recent poll by Gallup found that 38% of those surveyed said they or a family member had delayed care in 2022 due to high costs. Even if you are providing them with a robust plan, there are often out-of-pocket cost-sharing and deductibles to contend with. For employees in high-deductible health plans, the costs can be steep.

Out of Pocket Cost 97

Out of Pocket Cost 401(k) Deductions Deductible 97

Higginbotham

JUNE 9, 2023

The fees are reported and paid annually using IRS Form 720 (Quarterly Federal Excise Tax Return). For plan years ending in 2022, the PCORI fees are due by July 31, 2023. Calculating the PCORI Fee Payment In general, the PCORI fees are assessed, collected and enforced like taxes. February 2022 July 31, 2023 $2.79

Deductions 52

Deductions Deductible Health Insurance Taxes 52

Employee Benefits

SEPTEMBER 6, 2023

Bikes-for-work schemes are tax-exempt arrangements that encourage employees to cycle to work to reduce environmental pollution and promote healthier lifestyles. Are there any potential tax or legal issues ? The appeal of bikes-to-work schemes may, in part, lie in the potential national insurance (NI) and tax savings.

Gross Pay 59

Gross Pay Net Pay Taxes Deductions 59