PayrollOrg

APRIL 19, 2024

On April 18, the IRS released its 2023 Internal Revenue Service Data Book, which provides statistics that underscore the importance of payroll professionals to the integrity of the American tax system.

Taxes 104

Taxes Payroll IT 104

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

HR Digest

JUNE 23, 2023

Imagine a scenario where you are rewarded with a hefty sum of $26,000 per employee, just by gathering some data and filling out a tax form. Well, this isn’t a fantasy, it’s the reality of the Employee Retention Tax Credit (ERC). Your ERC Tax Credit is on its way! Sounds like a dream, right? Yes, you read that right.

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Taxes Government Employee Retention Consulting 97

Benefit Resource Inc.

JANUARY 3, 2023

If you’re in the 70% of people who have health-related goals for 2023, let’s take a look at how pre-tax benefits can help set goals and prioritize your health this year and beyond. Add In Pre-Tax Benefits. Plus, any interest earned on the account is tax free and the money is ALWAYS yours! Set SMART Goals.

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

BerniePortal

NOVEMBER 9, 2022

But with inflation at or near 40-year highs, those changes are especially relevant for 2023. Read on to learn more about the updated IRS numbers you need to know for the coming tax year. The Internal Revenue Service, or IRS, regularly makes changes to adjust its regulations in response to inflation.

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401(k) Taxes IT 98

PayrollOrg

SEPTEMBER 22, 2023

Effective October 1, 2023, the Indiana Department of Revenue revised Departmental Notice No. 1 to reflect income tax rate changes in Adams, Clinton, Dearborn, Henry, and Vanderburgh Counties.

Taxes 129

Taxes 129

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.

Taxes 187

Taxes 401(k) Retirement Plan Pension 187

Employee Benefits

MARCH 15, 2023

Spring Budget 2023: In his Budget address to the House of Commons today (15 March 2023), Chancellor of the Exchequer Jeremy Hunt addressed the issue of unpredictable pension tax charges causing employees to leave work, particularly within the NHS. No one should be pushed out of the workforce for tax reasons.”

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Pension Taxes Government Bonuses 64

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"). This is the part where we come back to death and taxes. See Jeffrey Appel Passes (December 2023), Anger and Email (May 2019); Is it Manslaughter (April 2015). But, you would be wrong.

Taxes 80

Taxes Government IT 80

Patriot Software

MARCH 10, 2023

If so, you might have heard about House Bill 2526, a 2023 law that significantly cut individual income tax rates. As a result, your West Virginia income tax withholding might look a little different. Are you an employer in West Virginia? In this article, we’ll go over: What compensation is subject to withholding?

Taxes 79

Taxes Employment Payroll 79

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

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). It will be a busy weekend for many taxpayers and tax preparers who are filing tax returns or tax filing extensions. money that has been taxed) and can be withdrawn at any time for any reason tax-free and penalty-free.

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401(k) Taxes Retirement Plan Pension 179

Money Talk

JULY 13, 2023

Below is a brief summary of a few key retirement savings provisions from about 100 changes contained in this legislation: RMD Changes- Effective January 1, 2023, the starting age for required minimum distributions (RMDs) for people born from 1951 to 1959 is now 73 instead of 72 and the starting age for those born in 1960 or later is now 75.

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401(k) Retirement Plan Taxes Salary 130

Money Talk

JUNE 28, 2023

It’s halftime for your 2023 finances and a perfect time to review where you stand, make mid-year adjustments, and complete recommended financial planning action steps. Below are ten mid-year financial tweaks and tasks: Tax-Deferred Savings Tweak - Perhaps you will get a raise on July 1. The 2023 maximum pre-tax contribution is $3,050.

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Flexible Spending Account Banking Health Savings Account Finance 239

Employee Benefits

MARCH 15, 2023

Spring Budget 2023: The government has announced that it will give tax agents access to payroll benefits in kind for employers. Through government provided IT systems, tax agents will be able to payroll benefits in kind on behalf of employers.

Taxes 52

Taxes Payroll Government Employee Benefits 52

Employee Benefits

MARCH 16, 2023

Spring Budget 2023: Chancellor of the Exchequer Jeremy Hunt delivered his Spring Budget speech in the House of Commons on Wednesday 15 March. It included a number of key announcements that could impact employees’ pay , pensions and benefits. appeared first on Employee Benefits.

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Pension Taxes Government Payroll 103

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

WEX Inc.

MARCH 7, 2023

The season for filing taxes is upon us once again. We wanted to share a few tips and reminders about the health savings account (HSA) information you’ll need for your tax return. Make sure your W-2 form shows HSA payroll contributions Provided by your employer, your W-2 shows the wages you earned and any taxes withheld.

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Taxes Health Savings Account Deductions Deductible 98

PayrollOrg

MAY 8, 2023

In this edition of May 2023 Compliance TV: IRS Data Affirms Payroll's Vital Role in Nation's Tax System; SSA Releases Tax Year 2023 W-2 Electronic Filing Specs; IRS Said 2024 Form W-2 Will Not Be Redesigned; DOL Publishes Report on UI Trust Fund Solvency, and more.

Taxes 80

Taxes Payroll Electronics 80

HR Lineup

SEPTEMBER 21, 2023

In 2023, enterprise payroll software has evolved to offer advanced features that streamline the payroll process, ensure compliance with tax regulations, and enhance employee self-service options. It provides services such as payroll processing, tax administration, and employee benefits management.

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Payroll Software Payroll Software Payroll Manager 77

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.

Taxes 83

Taxes Employment Human Resources Payroll 83

AssuredPartners

NOVEMBER 15, 2022

As per Notice 2022-59, the IRS is adjusting the fee that insurers or self-insured health plan sponsors will pay to fund the federal Patient-Centered Outcomes Research Institute (PCORI) trust fund for plan years ending on or after October 1, 2022 and prior to October 1, 2023. For plan years ending in 2022, PCORI is due by July 31, 2023.

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Insurance Utilities Medical Taxes 98

Business Management Daily

DECEMBER 7, 2021

share of Social Security taxes last year, the time to make your first payment is approaching quickly. You’ll receive a separate notice for each quarter you deferred the deposit of your taxes. Your make-up payments must be made separately from your other tax deposits. 3, 2023: $2,250,000 ÷ 3 quarters = $750,000.

Taxes 100

Taxes Employment Management IT 100

Money Talk

JANUARY 18, 2023

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. Standard Deduction - The amount of income taxpayers can shelter from income taxes rises with inflation (e.g., million in 2022).

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401(k) Banking Deductions Deductible 245

AssuredPartners

AUGUST 1, 2022

2022-34 , the IRS announced the 2023 indexing adjustment percentage for determining affordability of employer-sponsored health coverage under the Affordable Care Act (ACA). The percentage is adjusted annually for inflation and will be set at 9.12% for plan years beginning with January 1, 2023. With the issuance of Rev.

Taxes 98

Taxes Employment 98

Best Money Moves

FEBRUARY 10, 2023

Employee burnout in 2023: 3 key benefits to help. Help your employees fight back against burnout in 2023 with these 3 solutions. 3 Top Benefits to Help Fight Employee Burnout in 2023 Burnout is the physical or emotional exhaustion that stems from taxing work environments or difficult outside circumstances.

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Education Taxes Finance Work From Home 116

Employee Benefits

MARCH 15, 2023

Spring Budget 2023: Chancellor of the Exchequer Jeremy Hunt announced in his Budget statement today (15 March 2023) that government will abolish the lifetime allowance for pensions. This will be effective from April 2023. The post Spring Budget 2023: Pensions lifetime allowance scrapped appeared first on Employee Benefits.

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Pension Taxes Government Employment 59

CorpStrat

JANUARY 17, 2023

DOWNLOAD OUR FREE PDF DETAILING 2023 LIMIT INCREASES: DOWNLOAD PDF. This Compliance Overview includes a chart of the inflation-adjusted limits for 2023. Due to high rates of inflation, all of these limits will substantially increase for 2023. Health FSA pre-tax contribution limit. Health flexible spending accounts (FSAs).

401(k) 52

401(k) Employee Benefits Flexible Spending Account Health Savings Account 52

WEX Inc.

OCTOBER 4, 2023

As we celebrate this anniversary on HSA Day 2023 , it is clear that HSAs have become an integral part of the employee benefits landscape. And check out our HSA Day 2023 Benefits Buzz podcast episode with Chris Byrd, senior vice president health executive at WEX, below. “Out-of-pocket It is not legal or tax advice.

Health Savings Account 64

Health Savings Account Healthcare Education Taxes 64

Money Talk

MAY 4, 2023

had an ascending 5% inflation rate (CPI) in May 2021 and a descending 5% CPI in March 2023 and many higher inflation rates in between. Inflation-induced price hikes on goods and services are like a regressive sales tax and hurt those with low incomes the most. in March 2023. The savings rate was 9.1% in January 2020 and 5.1%

Education 244

Education Finance Pension Taxes 244

Benefit Resource Inc.

MAY 5, 2022

Find details on the HSA 2023 contribution limits for individuals and families and HDHP requirements here! Details for HSA 2023 Contribution Limits & HDHP Requirements. Individual/Self-coverage : HSA contribution limit for 2023: $3,850 (up from $3,650). HDHP minimum deductible: $1,500 (up from $1,400).

Deductions 80

Deductions Deductible Taxes Employment 80

Employee Benefits

MARCH 17, 2023

The top 10 most-read articles on www.employeebenefits.co.uk The top 10 most-read articles on www.employeebenefits.co.uk

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Parental Leave Pension Bonuses Government 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

HR Lineup

OCTOBER 17, 2023

In the dynamic world of international business, compliance with local tax laws and labor regulations is essential. In 2023, we are witnessing a rise in the demand for expert payroll services, and several companies have emerged as leaders in this industry. List of Top International Payroll Software in 2023 1.

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Global Payroll Payroll Service Payroll Payroll Software 65

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. Tax diversification throughout one’s working years can reduce taxes in later life, 2.

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Taxes Consulting Education Finance 244

Employee Benefits

MARCH 15, 2023

The Chancellor of the Exchequer Jeremy Hunt, has today delivered the Spring Budget 2023. Please see our summary below: Pension allowances The Government will remove the Lifetime Allowance charge, before completely abolishing it in a future Finance Bill, and raise the Annual Allowance to £60,000 from April 2023.

Pension 52

Pension Finance Government Taxes 52

HR Lineup

OCTOBER 25, 2023

As we step into 2023, retirement planning has become more critical than ever. In this article, we’ll explore the top 10 401(k) providers for 2023, each offering unique features and benefits to help you make an informed decision. 10 Best 401(k) companies of 2023 1. What is a 401(k)?

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401(k) Retirement Plan Taxes Education 52