article thumbnail

Introduction to 401(k)s for small businesses

Business Management Daily

With a 401(k), employees can elect to have a percentage of each paycheck deposited directly into an investment account. These funds may be deducted on a pre-tax basis depending on the type of 401(k) plan. A 401(k) is a fairly standard piece of a full employee benefits package. Types of 401k Plans.

401(k) 52
article thumbnail

16+ types of employee benefits you should consider

Genesis HR Solutions

Using untaxed dollars in an HSA to pay for deductibles, copayments, coinsurance, and some other expenses can lower overall health care costs. An HSA can be used only if employees have a qualified High Deductible Health Plan (HDHP). Hospital Insurance. Hospital insurance is health insurance for hospital costs.

401(k) 98
Insiders

Sign Up for our Newsletter

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

article thumbnail

How Employee Perks Can Help Companies in the US

Vantage Circle

In 2022, private health insurance coverage remained more prevalent than public coverage, at 65.6 Retirement Plans: Such as 401(k) plans with employer matching contributions Retirement plans, especially 401(k) plans with employer matching contributions, are paramount among employee perks in the United States.

article thumbnail

Learn from payroll year-end mistakes or repeat them

Business Management Daily

Double-check pretax deductions, coding for W-2 Box 12, and year-to-date figures. life and disability insurance) are processed before W-2s are processed. Calculate car allowances, insurance costs, etc. Balance quarterly reports and Forms 941 with the general ledger. Ensure that payroll -related items (e.g.,

article thumbnail

9 Nontaxable Employee Benefits for Maximizing Your Income and Workplace Satisfaction

Empuls

tax free benefits are those that provide financial advantages for both employees and employers by avoiding certain taxes and deductions. Non taxable employee benefits refer to various perks and incentives provided by employers that are exempt from certain taxes and deductions. Let's explore some of the most common ones: 1.