PeopleStrategy

DECEMBER 12, 2023

HSA Compliance Health savings accounts (HSAs) have become commonplace in the last several years as a way to offset high deductible health plans. People like HSAs in part because of their triple tax advantage. That means you need to be acutely aware of changes, such as new annual limits on contributions and required coverage in 2024.

401(k) 52

401(k) Overtime Health Savings Account Retirement Plan 52

WEX Inc.

MAY 2, 2024

For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention. Health reimbursement arrangement An HRA is an employer-funded benefits plan that employees use to save pre-tax dollars on medical costs. In an HSA, in 2024, a single has a limit of $4,150 and family $8,300. 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

InterWest Insurance Services

DECEMBER 7, 2023

The IRS recently announced that the annual contribution limit for flexible spending accounts will rise to $3,200 in 2024, up $150 from this year. Earlier in 2023, the IRS also announced the maximum contribution limits to health savings accounts, which are similar to FSAs, but they must be attached to a high-deductible health plan.

Flexible Spending Account 90

Flexible Spending Account Flexible Spending Pharmaceutical Health Savings Account 90

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. Payroll Management : Automated payroll processing to ensure accurate and timely compensation. They have the expertise and resources to handle complex HR and payroll challenges.

Software 65

Software Payroll Global Payroll Human Resources 65

Assurance Agency

AUGUST 23, 2023

The TBPA requires these employers to offer covered employees the opportunity to participate in a tax-free commuter benefit program according to the federal IRS rules found in §132(f). While pre-tax transit programs have been around for several years, not all employers are familiar with the details of how these programs work.

Deductions 52

Deductions Deductible Transportation Taxes 52

Assurance Agency

AUGUST 23, 2023

The TBPA requires these employers to offer covered employees the opportunity to participate in a tax-free commuter benefit program according to the federal IRS rules found in §132(f). While pre-tax transit programs have been around for several years, not all employers are familiar with the details of how these programs work.

Deductions 52

Deductions Deductible Transportation Taxes 52

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. Act, such as adapting payroll and record-keeping systems. The SECURE 2.0

401(k) 108

401(k) Retirement Plan Taxes Benefits Package 108

HR Digest

SEPTEMBER 11, 2023

You must deduct and/or contribute a standard percentage of an employee’s wages to fund paid family and medical leave. Because federal FMLA is unpaid, you don’t have to worry about these types of payroll deductions. Employees can access paid family and medical leave benefits starting in 2024. Contribution rate : 0.7%

Family and Medical Leave Act 86

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

Higginbotham

JANUARY 12, 2024

These setups can often provide substantial tax benefits as well. Taxes: Withdrawals are not typically subject to income tax, and contributions may be tax-free as well. This can reduce the income taxes that employees owe. While employers are not required to offer HSAs, FSAs or HRAs, many choose to do so.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Business Management Daily

JANUARY 5, 2023

Congress has chosen to pay for it by mandating that plans offering certain 401(k) features, like catch-up contributions, be made on an after-tax, Roth basis. Every mention of the word “Roth” will require significant adjustments to your payroll system to accommodate after-tax withholding. Tax credit for start-up costs.

401(k) 52

401(k) roth 401(k) Taxes Deductions 52

AssuredPartners

FEBRUARY 1, 2022

On January 27, 2022, Governor Jay Inslee signed into law two bills, SHB 1732 and SHB 1733, that delay the start of many WA Cares program activities, including delaying the start of employee premium payroll deductions by 18 months.

Commissions 98

Commissions Insurance Taxes Deductions 98