Remove Benefit Providers Remove Deductible Remove Deductions Remove Flexible Spending Account
article thumbnail

Leap year! How to handle 27 biweekly payrolls in 2020

Business Management Daily

Hourly-paid nonexempts are impacted only to the extent of withholding and deductions. Although most companies choose this option, it may be a costly decision, since employees will receive an extra paycheck, along with extra taxes withheld and extra benefits provided. Employees’ benefits deductions and allowances (e.g.,

Payroll 83
article thumbnail

Open enrollment checklist for employers

Business Management Daily

HSA benefit plans: A health savings account lets employees set aside money on a pre-tax basis to pay for qualified medical expenses. HSA funds can be used for prescription drugs, deductibles, copayments, and other covered health costs. Like HSAs, they can cover copays, prescription drugs, and deductibles.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

FSA receipt requirements: What you need to document

Business Management Daily

Flexible spending accounts (FSAs) are employer-established accounts that allow you to put aside pre-tax dollars from your paycheck into a special account to be used for eligible health or dependent care expenses. How to spend FSA funds.

Retail 52
article thumbnail

Congress temporarily changes limit for dependent care

Benefit Resource Inc.

The limit for dependent care flexible spending accounts has been stuck at $5,000 since the account’s inception in the 1980s. They will need to allow ample time during the year for employees to make changes to elections and per pay deductions, especially considering the high dollar amount.

article thumbnail

How Employee Perks Can Help Companies in the US

Vantage Circle

These benefits provide employees with access to essential medical services. A 401(k) is a tax-advantaged retirement savings program provided by employers. In this, employees can elect to have a portion of their earnings automatically deducted from their paychecks and directed into their investment account.

article thumbnail

Understanding the cost of employee benefits & what it means for your company

Genesis HR Solutions

How much of an employee’s salary is made up of benefits. Common Employee Benefits. Tax-preferred plans: Health flexible spending accounts, health savings accounts, health reimbursement accounts, transportation accounts, and more. Employers have to manage and administer benefits each month.