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. Tax-free accounts (e.g., Tax-free accounts (e.g., Tax-deferred accounts (e.g.,

Taxes 187

Taxes 401(k) Retirement Plan Pension 187

Money Talk

JUNE 8, 2022

A big concern of people with multiple income streams is adequate tax withholding. Nobody want to pay the IRS tax underpayment penalty, which is 0.5% of the amount owed for each month or partial month of unpaid taxes. mutual fund dividend and capital gain distributions), and tax withholding. In other instances (e.g.,

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Taxes Pension Deductions Deductible 277

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.

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Taxes 401(k) Retirement Plan Pension 187

HR Lineup

JANUARY 2, 2022

Filing federal and state tax returns online can be challenging and overwhelming for employers. Since the process needs to be seamless and fast, employers are looking for effective tax filing solutions. Luckily, there are tax software programs out there to simplify filing tax returns. Paycheck City.

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Taxes Software Payroll Deductions 77

Money Talk

MARCH 29, 2023

Last year, I wrote a post that described the pros and cons of filing your income taxes by paper or electronically (e-filing). Looking back, it was also a “personal pep talk” for me because I knew I was part of a dying breed of paper income tax filers. of tax returns are filed by paper or, in numerical terms, nearly 13.2

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Taxes Electronics Finance Software 245

PayrollOrg

JANUARY 25, 2022

The governor of Washington has announced a delay collecting the payroll tax associated with the Washington long-term care insurance program until April 2022.

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Taxes Payroll Insurance 197

PayrollOrg

JANUARY 25, 2022

The IRS has released the 2022 Publication 15-T, Federal Income Tax Withholding Methods.

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Taxes 197

Florida Workers' Comp

JANUARY 18, 2024

You only have to pay taxes and die (that is a rough adaptation of Benjamin Franklin's "Nothing is certain except death and taxes"). The Florida Supreme Court entered an April 14, 2022 order and suspended Mr. Woodward from practicing law. This is the part where we come back to death and taxes. Death and taxes.

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Taxes Government IT 80

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

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401(k) Retirement Plan Taxes Benefits Package 108

PayrollOrg

MAY 2, 2023

On April 14, the IRS released its 2022 Internal Revenue Service Data Book, which provides statistics that underscore the importance of payroll professionals to the integrity of the American tax system.

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Taxes Payroll IT 104

PayrollOrg

APRIL 28, 2023

On April 14, the IRS released its 2022 Internal Revenue Service Data Book, which provides statistics that underscore the importance of payroll professionals to the integrity of the American tax system.

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Taxes Payroll IT 104

PayrollOrg

JANUARY 25, 2022

A three-month tax amnesty program in Connecticut runs through January 31, 2022, and includes withholding tax.

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Taxes 104

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.

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Taxes Health Savings Account Deductions Deductible 98

Patriot Software

DECEMBER 15, 2022

Arizona employers, you may know that Senate Bill 1828 substantially reduced the state’s income taxes starting with the 2022 tax year. But did you also know that it requires employer action for the 2023 tax year? You must now give all employees—not just new hires—a new AZ state income tax form.

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Taxes Employment Human Resources Payroll 81

Money Talk

APRIL 4, 2024

All other tax-deferred plans, like 401(k)s and the thrift savings plan (TSP), must have RMDs calculated separately. Roth Conversions - It is best to move money from a pre-tax account to a Roth account in low-taxable income years, during stock market downturns, and/or in small increments over time. net investment income tax.

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401(k) Taxes Finance Education 190

PeopleKeep

NOVEMBER 10, 2021

In practical terms, that means small businesses are limited in how much tax-free money they can offer their employees through the benefit. In 2022, small businesses may offer up to $ 5,450 per self-only employee and up to $ 11,050 per employee with a family. In this post, we'll go over: The new QSEHRA contribution limits are for 2022.

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Taxes Employment 98

Benefit Resource Inc.

NOVEMBER 10, 2021

The IRS released the 2022 contribution limits for Mass Transit, Parking, Medical FSA, and Adoption Assistance in Revenue Procedure 2021-45. The limits are effective for plan years that begin on or after January 1, 2022. 2022 CONTRIBUTION LIMIT: MASS TRANSIT AND PARKING. 2022 CONTRIBUTION LIMIT: MEDICAL FSA.

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Health Savings Account Medical Taxes Flexible Spending 98

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

Business Management Daily

DECEMBER 7, 2021

share of Social Security taxes last year, the time to make your first payment is approaching quickly. 3, 2022; the other half on Jan. You’ll receive a separate notice for each quarter you deferred the deposit of your taxes. 3, 2022, and Jan. Your make-up payments must be made separately from your other tax deposits.

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Taxes Employment Management IT 100

PeopleKeep

JULY 6, 2022

If you have remote employees in other states than where your organization is located, taxes can be challenging. According to McKinsey’s 1 2022 American Opportunity Survey, 58% of employees work from home at least once a week, while 35% work remotely full-time.

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Taxes Work From Home Government Technology 97

Business Management Daily

MARCH 3, 2023

Congress routinely showers small businesses with tax preferences. And now is the time to think about them, since the tax-filing deadlines for calendar-year corporate returns are fast approaching—March 15 for S corps and April 18 for C corps. But there is a difference between the two: Tax deductions reduce your taxable income.

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Deductions Deductible Taxes Health Insurance 98

BerniePortal

MARCH 23, 2022

Form W-4 is crucial to employee tax reporting and employer withholding. Even though there have been no meaningful updates since 2020, many employees don’t know how to fill out Form W-4 correctly—which can lead to an unpleasant surprise when a substantial tax bill comes due.

IT 98

IT Taxes Employment 98

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.

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Flexible Spending Account Banking Health Savings Account Finance 239

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

McDermott Will & Emery Employee Benefits

JULY 26, 2022

Last month, the Washington Court of Appeals affirmed a lower court’s decision to dismiss a challenge to the recently enacted payroll expense tax in Seattle, WA. 82830-4-I, 2022 WL 2206828 (Wash. June 21, 2022). The tax, which went into effect on January 1, 2021, […]. Seattle Metro. Chamber of Commerce v.

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Taxes Payroll Employee Benefits Executive Compensation 64

Employee Benefits

NOVEMBER 17, 2022

Autumn budget 2022: The government will maintain the current freeze on income tax personal allowance and higher-rate tax thresholds until April 2028. Chancellor of the exchequer Jeremy Hunt told the House of Commons that personal tax thresholds, including income tax, will be frozen for further two years until 2028.

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Government Taxes Finance Professional Services 52

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.

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Retirement Plan Taxes Pension Utilities 80

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.

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Health Insurance Insurance Insurance Carriers Deductions 98

Employee Benefits

NOVEMBER 17, 2022

Autumn budget 2022: The government has reduced the threshold at which the 45% rate of income tax becomes payable, from £150,000 to £125,140. In September, then Chancellor Kwasi Kwarteng told the House of Commons in his mini budget statement that the 45% income tax rate would be replaced with a 40% rate from April 2023.

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Government Taxes Employee Benefits 59

Money Talk

MARCH 2, 2023

Last year, I noticed a new trend that has continued into 2023: ads on social media about online financial seminars focused on required minimum distributions (RMDs) and income taxes owed in later life. Unfortunately, some webinars that I viewed were not updated with latest (2022) IRS life expectancy factors.

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Taxes Consulting Education Finance 244

Money Talk

MAY 11, 2023

If taxpayers are near the top of a marginal tax bracket , RMDs can move them up to a higher tax bracket. Use of RMD Withdrawals - A chunk will pay income taxes. Multiple RMD Ages- People with tax-deferred retirement savings accounts born in 1950 or earlier have a RMD of 72 (or 70½ for those who turned 70½ prior to 2020).

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Retirement Plan Taxes Finance Government 246

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

McDermott Will & Emery Employee Benefits

SEPTEMBER 8, 2022

On June 7, 2022, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced the highly anticipated Responsible Financial Innovation Act (the bill), which sets out to create the first complete regulatory and bipartisan framework for digital assets.

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Taxes Employee Benefits Retirement Plan Commissions 86

Money Talk

DECEMBER 29, 2021

Some states/cities have moratoriums through dates in 2022. 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.

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Finance Taxes Retirement Plan Insurance 362

Money Talk

MAY 4, 2023

Inflation-induced price hikes on goods and services are like a regressive sales tax and hurt those with low incomes the most. Interest Rates- Between March 2022 and May 2023, the Federal Reserve raised interest rates 10 times in an effort to decrease inflation by slowly increasing the cost of borrowing.

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Education Finance Pension Taxes 244

Patriot Software

JUNE 1, 2022

But by the end of 2022, experts project that number will increase to 25%. So, there’s some bad news: The confusion around state tax withholding for remote employees is going to stick around—at least for the short term. We know that withholding taxes can […] READ MORE.

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Taxes Work From Home Payroll 74

Workers' Compensation

DECEMBER 27, 2021

The New Jersey Department of Labor and Workforce Development (NJDOL) announced increases in the maximum benefit rates for Unemployment Insurance, Temporary Disability Insurance, Family Leave Insurance, and Workers’ Compensation for the calendar year 2022. The increased rates will be effective for new claims dated January 2, 2022, and later.

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Workers’ Compensation Disability Insurance Insurance Taxes 81