WEX Inc.

MAY 2, 2024

For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention. We’ve outlined the key differences between an HRA and an HSA below so you can see how they work, the advantages of each, and if you should be offering one or both to your employees. Investment potential.

Health Savings Account 98

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

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. Many employers offer payroll-deducted savings schemes for effortless saving.

Finance 104

Finance Banking Pension Insurance 104

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! There have been various laws and guidance impacting HDHPs and telehealth since 2020 and most recently, new legislation extended relief for 2023 and 2024 plan years.

Deductions 40

Deductions Deductible Family and Medical Leave Act Health and Welfare 40

Empuls

FEBRUARY 26, 2024

  Workplace dynamics are constantly evolving, the year 2024 promises a revolutionary shift in how organizations approach employee experience. From well-being to flexibility, continuous learning to personalized perks, let's understand the game-changing employee benefits trends that will take lead in the near future.

Employee Benefits 40

Employee Benefits Financial Counseling Healthcare Retirement Plan 40

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. The catch: These funds must be spent by March 15, 2024.

401(k) 88

401(k) Deductions Deductible Flexible Spending Account 88

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.

Software 65

Software Payroll Global Payroll Human Resources 65

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.

401(k) 108

401(k) Retirement Plan Taxes Benefits Package 108

Higginbotham

JANUARY 12, 2024

These setups can often provide substantial tax benefits as well. Health accounts can provide advantages to both the employer and the employee, including the following: Flexibility: It’s hard to find employee benefits that fit everyone’s needs. This can reduce the income taxes that employees owe.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Employee Benefits

FEBRUARY 26, 2024

High employee turnover rates are a financial risk, and during this blog, we’ll explore all the elements to consider when creating a long-term employee retention strategy. Are you at high risk of high employee turnover? We interviewed over 1,000 UK employees and found that almost half would be looking for a new role in 2024.

Employee Retention 111

Employee Retention Bonuses Recruitment Taxes 111

HR Digest

SEPTEMBER 11, 2023

FMLA unpaid time off; State paid family leave is paid time off State law generally requires employees, employers, or both to pay into a fund. You must deduct and/or contribute a standard percentage of an employee’s wages to fund paid family and medical leave. Paid family leave benefit amount : 80% of the employee’s weekly wages.

Family and Medical Leave Act 86

Family and Medical Leave Act Paid Sick Leave Paid Leave Parental Leave 86

WEX Inc.

FEBRUARY 15, 2023

A medical FSA is a tax-advantaged employee benefit that gives participants the opportunity to save on out-of-pocket medical, dental, and vision eligible expenses. Your annual election amount comes out of your paycheck, and these pre-tax dollars are deposited directly into your FSA to be used on eligible expenses.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

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

WEX Inc.

FEBRUARY 2, 2023

From an employee benefits and COBRA perspective, this would mean that temporary extensions introduced during the COVID-19 pandemic will also expire. HSA-qualifying health plans may continue to cover telehealth services on a pre-deductible basis through 2024. It is not legal or tax advice.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Taxes 52

Employee Benefits

MAY 3, 2023

The government predicted that this would protect more than two million employees, as well as allowing them to view an employer’s tipping record. It also suggested that this would free up £200m per year of otherwise deducted tips, to go back into the pockets of employees.

Hospitality 105

Hospitality Government Deductions Deductible 105

AssuredPartners

OCTOBER 18, 2022

2022-38 the annual inflation adjustments for the 2023 tax year. For cafeteria plans that allow for the carryover of unused amounts, the maximum carryover amount is now permitted to increase by $40, now capped at $610 (for 2023 rollovers into 2024 plans). This applies to qualified parking and transit benefits alike.

Healthcare 52

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 52