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

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. million employees.

Deductions 98

Deductions Deductible Banking Taxes 98

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

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. But there are still misunderstandings that exist among employees about the significant value of an HDHP (or HSA-eligible health plan) and how it compares to a traditional health plan. It is not legal or tax advice.

Deductions 97

Deductions Deductible Health Savings Account Employee Enrollments 97

CorpStrat

NOVEMBER 4, 2022

Year-end processing ensures your company’s Payroll and taxes are compliant with current federal, state, and local regulations. As you close out your Payroll activities and set compensation and benefits for 2023, contact CorpStrat Payroll for a comprehensive check list to help you stay on track. Verify Tax Form Information.

Payroll 52

Payroll Bonuses Deductions Deductible 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. Be bold in support of your employees' retirement needs!

Health Savings Account 98

Health Savings Account Deductions Deductible 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. FSA Employer Contribution Limits for 2022.

401(k) 55

401(k) Retirement Plan Health Savings Account Deductions 55

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

InterWest Insurance Services

NOVEMBER 25, 2022

You’ll want to make note of the changes when discussing your employee benefits during annual open enrollment. They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. 7,750 for family coverage (up $450).

401(k) 89

401(k) Deductions Deductible Flexible Spending Account 89

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. HOW TO AVOID PENALTIES ON AN HSA WITHDRAWAL. DIFFERENT WAYS TO SPEND DEPENDENT CARE FUNDS.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

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

AssuredPartners

NOVEMBER 12, 2021

2021-45 the annual inflation adjustments for the 2022 tax year. For 2022, the dollar limit cap is permitted to increase (by $100) from $2,750 to $2,850. Although, it should of course be noted that employers have the right to impose a maximum limit on employee contributions to health FSAs that is lower than what the ACA permits.

Healthcare 73

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 73

WEX Inc.

OCTOBER 4, 2023

Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. You must be enrolled in a high-deductible health plan (HDHP) to be eligible, which lowers you insurance premiums. The 2022 HSA limits are $3,650 for self-only and $7,300 for family.

401(k) 98

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

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. 2023 Retirement Plan Limits Increase. HSA & HDHP Limits Increase for 2023.

401(k) 82

401(k) Retirement Plan Health Savings Account Deductions 82

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. The Covid-19 pandemic saw many employees work from home, resulting in the number of people commuting dropping dramatically.

Salary 105

Salary Transportation Taxes Work From Home 105

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 ? Government guidelines suggest that at least half of the bike’s usage must be for an employee’s commute to work.

Gross Pay 59

Gross Pay Net Pay Taxes Deductions 59

Employee Benefits

JULY 3, 2023

Share incentive plans (Sips) were introduced in the UK in 2000 as a type of employee share scheme aimed at helping employees, who can purchase shares or be awarded free shares in the company, to save in a tax-efficient way. Free shares must be withdrawn from the Sip once the employee leaves the company.

Gross Pay 105

Gross Pay Taxes Government Salary 105

Employee Benefits

MARCH 13, 2024

Employees will most likely access the benefit through an app, with minimal work for the employer, although some schemes require more manual work from the payroll team. The schemes are more common in lower-paid sectors where employees are typically hourly paid. Are there any tax or legal issues?

Deductions 59

Deductions Deductible Payroll Salary 59

Employee Benefits

FEBRUARY 22, 2023

Car salary sacrifice arrangements remain a popular employee benefit; in its January 2023 Leasing Outlook , the British Vehicle Rental and Leasing Association (BVRLA) found a 20.5% year-on-year increase in company cars funded through salary sacrifice to quarter three in 2022. What are the benefits?

Salary 98

Salary Taxes Insurance Government 98

HR Professionals Magazine

JULY 26, 2022

State-sponsored: State plans are commonly Roth individual retirement accounts (IRAs), which allow participants to set aside after-tax income up to a specified amount each year. Employee contributions are deducted from post-tax income, so their money is generally tax-free at the time of withdrawal after age 59½.

Retirement Plan 52

Retirement Plan 401(k) Employment Deductions 52

HR Digest

AUGUST 28, 2023

A traditional 401k is typically offered by employers to their employees. The tax treatment for both types of plans is the same. As both the employer and employee of your own business, you have the opportunity to contribute to your retirement savings in multiple ways. The withdrawal rules for both types of plans are the same.

401(k) 98

401(k) Retirement Plan Taxes Consulting 98

Higginbotham

NOVEMBER 28, 2022

It can be funded on a pre-tax basis, and the owner can use the untaxed funds for qualified medical expenses. To contribute to an HSA, you must enroll in a high-deductible health plan. In 2022, Healthcare.gov says a high-deductible plan has a deductible of at least $1,400 for individual coverage and $2,800 for family coverage.

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 52

Employee Benefits

NOVEMBER 30, 2023

Employees opt for a voucher for the value of their choice, up to a maximum amount set by the employer, and they receive the voucher to redeem at Currys on whatever tech they like available at the retailer. They then pay back the voucher through net salary deductions over the agreed period of time. Are there any tax or legal issues?

Technology 59

Technology Net Pay Gross Pay Taxes 59

Employee Benefits

APRIL 3, 2024

His employment was then terminated in February 2022. The tribunal ruled that the two businesses made unauthorised deductions from Piekielniak’s wages, failed to pay him for the hours he had worked, and did not provide a written statement of employment terms.

Healthcare 59

Healthcare Transportation Pension Deductions 59

Higginbotham

AUGUST 15, 2023

Commuting to and from work each day eats up both time and money, making a commuter benefits program an attractive perk. What are commuter benefits? Commuter benefits refer to any employee benefits that help workers with the costs of commuting. Examples of commuter benefits include the following: Paying for tolls.

Transportation 52

Transportation Benefits Package Taxes Deductions 52

Benefits Notes

MARCH 31, 2021

Many of the provisions in this sweeping legislation bring changes to the employee benefits world of which employers should take note and which are summarized below. The ARPA contains several new rules which impact COBRA benefits. The subsidy is tax-free to the individual receiving the subsidy. Tax Credit.

Family and Medical Leave Act 40

Family and Medical Leave Act Employee Benefits Taxes Pension 40

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 21, 2022

Earlier this year, the IRS released the 2023 inflation adjustments for health savings accounts and high deductible health plans. The 2023 inflation adjustments for tax-qualified retirement plans are expected to be announced soon. Increase from 2022 to 2023. Qualified Transportation Fringe Benefits. . Health FSAs. .

Transportation 52

Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

Employee Benefits

SEPTEMBER 20, 2023

While it’s impossible to control all reasons for employee turnover, businesses can mitigate some of its costs. As per a study by Oxford Economics and Unum, the average cost to a company for each employee departure is roughly £30,000. And if they’re taxed less, their net salary increases.

Pension 59

Pension Salary Taxes Employee Loyalty 59

Higginbotham

NOVEMBER 2, 2023

In 2022, only 42 percent of the higher earners lived paycheck to paycheck, suggesting that American households are increasingly worse off financially. Financial wellness benefits can help employees tackle their money challenges. Offering retirement benefits also makes financial sense because they often come with tax incentives.

401(k) 52

401(k) Disability Insurance Benefits Package Insurance 52

Employee Benefits

JANUARY 10, 2024

and GymFlex, via salary deduction. Gym Group’s MyGymDiscounts requires the employer to pay a £3 per employee platform fee. Are there any tax or legal issues? Regular gym membership is considered to be a taxable benefit under BIK rules, so employers must include the value in employees’ taxable income.

Taxes 59

Taxes Benefits Package Salary Healthcare 59

AssuredPartners

OCTOBER 18, 2022

On October 18, 2022, the IRS announced in Rev. 2022-38 the annual inflation adjustments for the 2023 tax year. Although, it should of course be noted that employers have the right to impose a maximum limit on employee contributions to health FSAs that is lower than what the ACA permits. Commuter Benefits.

Healthcare 52

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 52

Employee Benefits

JULY 10, 2023

An employment tribunal has ruled that collapsed firm ABC Engineering needs to pay eight former members of staff more than £12,000 for failing to pay holiday entitlements and unauthorised wage deductions. One month later, eight former employees made claims against it to an employment tribunal for unpaid wages, overtime and holiday entitlement.

Engineering 59

Engineering Overtime Deductions Deductible 59

Employee Benefits

MAY 17, 2023

The popularity of employee ownership in business is steadily increasing; statistics from the White Rose Centre for Employee Ownership found that as at June 2022 there were 1,030 employee-owned businesses in the UK. The post How much value do employees place in holding equity in an organisation?

Taxes 64

Taxes Bonuses Salary Pension 64

Higginbotham

JUNE 14, 2022

An FSA is a type of savings account that lets people pay for certain out-of-pocket medical expenses using tax-free dollars. An HSA is another type of savings account that lets people contribute tax-free dollars that can then be used to pay for qualified medical expenses. Only for Use with High Deductible Health Plans.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Proskauer's Employee Benefits & Executive Compensa

JULY 27, 2022

The “golden parachute” excise tax regime under Internal Revenue Code Sections 280G and 4999 (“Section 280G” and “Section 4999”, respectively) is at the core of both public and private U.S.-based compensation tax deduction. When Do the Golden Parachute Tax Provisions Apply? Background. based transactions. corporations.

Deductions 52

Deductions Deductible Taxes Employee Compensation 52

HR Professionals Magazine

MAY 4, 2023

By Kisha Moliere It is common to think of benefits administration technology (ben admin) platforms as a tool that only facilitates employee benefits enrollment and transfers benefits eligibility data between carrier and payroll systems. Decision Support Think your employees aren’t interested in decision support?

Technology 52

Technology Utilities Payroll Deductions 52

Higginbotham

JANUARY 27, 2023

Employees don’t work for free. They want to be fairly compensated for their work, and that usually involves both wages and employee benefits. Although some small business owners may feel overwhelmed by the prospect of offering health insurance and other benefits, the many advantages can make the effort worthwhile.

Health Insurance 52

Health Insurance Insurance Benefits Package Out of Pocket Cost 52