Benefit Resource Inc.

MARCH 28, 2024

Pre-tax benefits are a powerful tool for saving money and maximizing your income. From flexible spending accounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. This includes copayments, deductibles, prescriptions, and more.

Flexible Spending Account 52

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

Stratus.HR

JUNE 16, 2022

When you first filled out your W-4 tax form as a new employee, you probably didn’t think much about it afterwards. But what if you’re filing your taxes a year later and you discover you had fewer taxes withheld from your paycheck than expected. What Is the function of the W-4 tax form?

Taxes 71

Taxes Outsourcing Payroll Deductions Deductible 71

WEX Inc.

AUGUST 2, 2023

A flexible spending account (FSA) allows participants to save money by setting aside pre-tax dollars to pay for eligible medical, dental , vision and dependent care expenses incurred by you, your spouse, or your eligible dependents. What is an FSA? Your employer can contribute to the FSA, but is not required to.

Flexible Spending Account 98

Flexible Spending Account Deductions Deductible Health 98

Benefit Resource Inc.

JANUARY 14, 2022

We’re here to provide you with a short guide to help you understand the required tax documents for your pre-tax benefits. . A Health Savings Account (HSA) is a savings account that provides tax-free contributions and potential tax deductions for qualified medical expenses incurred by the holder.

Taxes 40

Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

Qandle

JUNE 20, 2023

This includes employee details such as names, addresses, social security numbers, tax withholding information, bank account details for direct deposit, and any changes in employment status or compensation. This information will impact the calculation of employee pay. Ensure accuracy and verify any changes or updates.

Payroll 98

Payroll Flexible Spending Account Overtime Payroll Software 98

WEX Inc.

AUGUST 15, 2023

If you rarely require medical care and prefer to save on monthly premiums, a plan with a higher deductible and lower premiums might be suitable. On the other hand, if you anticipate regular medical visits, chronic conditions, or potential emergencies, a plan with lower deductibles and higher premiums may offer better cost protections.

Deductions 98

Deductions Deductible Healthcare Flexible Spending Account 98

Money Talk

JANUARY 19, 2022

Make Tax-Advantaged Gifts - Consider “bunching” charitable donations with other tax deductions (e.g., state income tax and local property tax) every so often (e.g., high income years) to exceed the standard deduction and benefit from itemizing. All of these will impact 2021 taxes that are due in April.

Flexible Spending Account 242

Flexible Spending Account Taxes Pension Deductions 242

WEX Inc.

FEBRUARY 15, 2023

Did you recently elect to participate in a medical flexible spending account (FSA) ? What is a medical flexible spending account (FSA)? 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.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

InterWest Insurance Services

MARCH 22, 2022

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Since the salary reductions are not received by the employee, they are not considered wages for income tax purposes. Flexible spending account. Set-up and tax implications.

Flexible Spending Account 80

Flexible Spending Account 401(k) Flexible Spending Deductions 80

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. 7,750 for family coverage (up $450). The takeaway.

401(k) 88

401(k) Deductions Deductible Flexible Spending Account 88

Genesis HR Solutions

JANUARY 24, 2023

Get all the information in this guide. It should also include language about reporting unsafe conditions and potential hazards, and information about where employees can report accidents, etc. Unemployment compensation This policy informs employees that, should they be terminated, they may be eligible for benefits.

Family and Medical Leave Act 98

Family and Medical Leave Act Overtime Parental Leave Health and Welfare 98

WEX Inc.

SEPTEMBER 12, 2023

To take advantage of an HSA, you need to participate in an HSA-eligible health plan (or high-deductible health plan). HSA-eligible health plans typically have lower premiums but higher deductibles. Assess your ability to cover the deductible before choosing this plan.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 52

WEX Inc.

SEPTEMBER 14, 2023

Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. For example, do you have any new dependents who have healthcare needs and could be covered by a pre-tax benefits plan? Engage in opportunities to learn more about available plans.

401(k) 98

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

Benefit Resource Inc.

MARCH 14, 2019

The name alone – “pre- tax benefit accounts” – implies there might be tax implications. You might be surprised to learn there are no tax implications for most of these benefits. Use these simple tips as your tax guide to pre-tax benefit accounts. In fact, they might be the easiest account at tax-time.

Taxes 63

Taxes Health Savings Account Deductions Deductible 63

Griffin Benefits

NOVEMBER 28, 2023

Plus, the PEO may not be as cost-effective these days for your expanding payroll, or maybe it’s time for the tax credits to start accruing to your company instead of the PEO. Here are key considerations: TIMING AND THE TAX YEAR If you can terminate the PEO relationship at the start of the calendar year, great.

Flexible Spending Account 64

Flexible Spending Account Workers’ Compensation Taxes Flexible Spending 64

Money Talk

JUNE 29, 2022

In it, I urged a review of tax deductions/credits, tax withholding, budgeting/cash flow, flexible spending accounts, financial goal progress, and investment portfolio status. Last year, I wrote a blog post about mid-year financial check-up s for the OneOp Personal Finance team.

401(k) 245

401(k) Out of Pocket Cost Finance Flexible Spending Account 245

Stratus.HR

DECEMBER 13, 2021

If you’d like to tax-shelter a portion of your income for 2022, please see the increased contribution amounts below for both Flexible Spending Account (FSA) and Health Savings Account (HSA) participants. Remember, you must have a qualifying High Deductible Health Plan (HDHP) to be eligible for an HSA. What is Health FSA?

Health Savings Account 69

Health Savings Account Flexible Spending Account Flexible Spending Taxes 69

WEX Inc.

FEBRUARY 2, 2023

Earlier this week, President Biden informed Congress that he plans to end the two COVID-19 national emergencies on May 11, 2023. FSAs and HRAs EBSA Disaster Relief Notice 2020-01 also granted a temporary extension to run-out periods for flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs).

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Taxes 52

Stratus.HR

JANUARY 24, 2022

From wage variations to outdated information, W-2s are one of our most-asked-about topics this time of year. Although we don’t have control of the mail system, we strongly suggest you try to track it down to protect your personal information. This number is derived by subtracting all your pre-tax deductions from your YTD earnings.

Taxes 64

Taxes Payroll IT Deductions 64

PeopleKeep

APRIL 30, 2020

Medical reimbursement plans are IRS-approved health plans that allow for tax-free reimbursement for medical expenses. Because the reimbursements occur pre-tax, employees and employers often save up to 50% in combined taxes on the cost of medical expenses. Flexible Spending Accounts (FSAs). Tax Treatment.

Medical 60

Medical Flexible Spending Account Health Savings Account Health Insurance 60

Empuls

JULY 11, 2023

Alongside competitive salaries and career growth opportunities, companies are now offering a wide array of tax free or non taxable employee benefits to attract and retain top talent. In this blog, we will discuss tax free or non taxable employee benefits. In this blog, we will discuss tax free or non taxable employee benefits.

Employee Benefits 40

Employee Benefits Flexible Spending Account roth 401(k) 401(k) 40

Stratus.HR

NOVEMBER 30, 2020

If you’re planning your tax-sheltered income for 2021, the IRS did not increase the $2,750 limit you can contribute to a health Flexible Spending Account (FSA). Remember, you must have a qualifying high deductible health plan (HDHP) to be eligible for an HSA. What is a Flexible Spending Account (FSA or Flex Spending)?

Health Savings Account 52

Health Savings Account Flexible Spending Account Flexible Spending Taxes 52

WEX Inc.

APRIL 12, 2023

First, employees need to be covered by an HSA-eligible health plan, otherwise known as a high-deductible health plan (HDHP). They can’t be covered by any other health plan that would disqualify them from an HSA, such as a spouse’s plan or a medical flexible spending account (FSA). It is not legal or tax advice.

Health Savings Account 52

Health Savings Account Deductions Deductible Flexible Spending Account 52

WEX Inc.

JANUARY 4, 2023

You are still eligible to participate and contribute to an HSA while on COBRA as long as: You’re enrolled in an HSA-eligible health plan (or high-deductible health plan ). And, if you are no longer enrolled in an HSA-eligible health plan, you can’t contribute to your HSA, but you can still spend your HSA funds at any time.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 52

InterWest Insurance Services

DECEMBER 9, 2021

HDHP telehealth services — The CARES Act, signed into law in 2020 after the pandemic started, temporarily allowed high-deductible health plans to pay for telehealth services before an enrollee had met their deductible. 1, 2022, HDHPs must charge enrollees for telehealth services if they have not yet met their deductible. .

Health Insurance 87

Health Insurance Insurance Insurance Carriers Deductions 87

Benefit Resource Inc.

NOVEMBER 4, 2021

Health Saving Accounts (HSAs) help you play a more informed and active role in controlling your family’s health care costs. Rather than a “use it or lose it” approach like a Flexible Spending Account (FSA), HSAs serve as a “stow it and grow it” form of savings that accumulate over time.

401(k) 75

401(k) Flexible Spending Account Deductions Deductible 75

Benefit Resource Inc.

JUNE 29, 2021

Within the pre-tax benefit space, your work is cut out for you as a human resource professional. Now that you’ve explained (again) how insurance works, you get to begin the real work of teaching employees the difference between Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs).

401(k) 78

401(k) Deductions Deductible Flexible Spending Account 78

Higginbotham

NOVEMBER 11, 2021

In the interim, please review the following informational pieces we have put together for you: Employer Obligations and the COVID-19 Vaccination ETS – Infographic. Internal Revenue Code (Code) Section 125 imposes a maximum dollar limit on employees’ salary reduction contributions to a health flexible spending account (FSA).

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Deductions Deductible 52

Higginbotham

JULY 12, 2022

They have to pay a deductible. HRAs may sound like Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs), but there are key differences. HSAs are designed to work with high deductible health plans, and both the employer and the employee may contribute up to the annual contribution limit. Funds do not expire.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductions 52

Benefit Resource Inc.

OCTOBER 21, 2019

” In the case of pre-tax benefits, we like to say “There’s a plan for that” Regardless of your benefits problem, by comparing Flexible Spending Accounts, Health Savings Accounts and Health Reimbursement Accounts, you can find the right plan to fit your needs. Problem: Increasing premiums.

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Flexible Spending 401(k) 40

Benefit Resource Inc.

OCTOBER 18, 2018

If you have a Flexible Spending Account (FSA), you know that every year during Open Enrollment (OE), you choose how much to put aside in the account, otherwise known as your election. Let’s be honest– one of the main reasons you enrolled in a pre-tax account was to save money. Annual deductible. Getting Started.

Deductions 74

Deductions Deductible Health Flexible Spending Account 74

Insperity

MARCH 12, 2024

Flexible spending accounts (FSAs) and health savings accounts (HSAs) HSAs and FSAs can help employees better prepare for medical expenses and, in the case of HSAs, even help employees enhance their retirement savings. Funds can be withdrawn for non-eligible expenses, but they will be taxed.) According to the U.S.

Family and Medical Leave Act 57

Family and Medical Leave Act Employee Benefits PTO 401(k) 57

Benefit Resource Inc.

SEPTEMBER 25, 2018

So, you’ve decided to implement a pre-tax benefit plan. But you can streamline the process to implement a pre-tax benefit plan by understanding and answering these five questions. Let’s say you decided to offer a Flexible Spending Account (FSA). Limited/Post Deductible FSA. Limited Purpose FSA.

Taxes 45

Taxes Health Savings Account Flexible Spending Account Flexible Spending 45

Benefit Resource Inc.

APRIL 10, 2023

To review, an IIAS merchant has an Inventory Information Approval System (IIAS) that automatically identifies eligible medical expenses. Pay for all the eligible medical items first with your pre-tax benefits card. It just means BRI hasn’t received enough information to verify it automatically.

Insurance Carriers 98

Insurance Carriers Hospitality Deductions Deductible 98

Higginbotham

MAY 11, 2023

FAQs Provide Guidance on Preventive Care Following Court Decision The ACA requires non-grandfathered health plans and health insurance issuers to cover a set of recommended preventive services without imposing cost-sharing requirements (such as deductibles, copayments or coinsurance) when the services are provided by in-network providers.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Business Management Daily

SEPTEMBER 22, 2021

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. Eligibility for HSAs is generally limited to people enrolled in High Deductible Health Plan (HDHP).

Employment 90

Employment Deductions Deductible Benefit Providers 90

Benefit Resource Inc.

OCTOBER 24, 2019

We use an opt-in process to match you with the best health plan based on your lifestyle, as well as the best tax-free accounts based on your savings goals, which you provided on your date of hire” And then I’d go back to work. Now, which pre-tax account you can enroll in depends on what kind of health insurance you have.

Out of Pocket Cost 45

Out of Pocket Cost Flexible Spending Account Flexible Spending Health Savings Account 45