Vantage Circle

JANUARY 30, 2022

As an employer, you must have considered providing your employees with some extra benefits besides their regular wages. But have you ever wondered whether these benefits are taxable? What exactly is a taxable benefit, and are they legally required? What Is A Taxable Benefit?

Employee Stock Option 52

Employee Stock Option Taxes Paid Vacation Life Insurance 52

Employee Benefits

MAY 31, 2023

Dental care can be an area that falls by the wayside, particularly when rising cost pressures cause employees to tighten their budgets. The business can opt to fully fund the insurance, or it can introduce these as optional employee-paid benefits, including using salary deduction arrangements and individual direct debit options.

Insurance 105

Insurance Taxes Deductions Deductible 105

Workers' Compensation

DECEMBER 28, 2023

Many non-hourly employees will also see at least an indirect benefit from the statewide increase that applies to most workers. For example, seasonal employers and businesses with six or fewer employees have until 2026 to pay their workers at least $15/hour. The minimum hourly wage for these employees will increase to $13.73/hour

Disability Insurance 52

Disability Insurance Workers’ Compensation Piece Rates Mining 52

Business Management Daily

JUNE 29, 2022

Group health plans are the natural place to start when thinking about reimbursing expenses related to female employees’ family planning decisions. Group health plans reimburse employees for their medical care. Reproductive services meet this definition, including telehealth services and pharmacy benefits. What is medical care?

Family and Medical Leave Act 92

Family and Medical Leave Act Healthcare Employment Medical 92

Genesis HR Solutions

JUNE 5, 2023

In the course of business, it’s common practice for employers to reimburse their employees for certain business expenses. In this article, we’ll provide an overview of employee reimbursement policies and information to help you stay compliant with IRS rules. See the section on ‘Are reimbursements taxable?’

Deductions 40

Deductions Deductible Taxes Retirement Plan 40

HR Professionals Magazine

JUNE 29, 2022

When it comes to attracting and retaining employees, benefits have always played a vital role. In this very competitive environment, employers are looking beyond standard medical, dental and vision benefits to perks such as Lifestyle Benefit Accounts (LSAs). Benefit to Employers and Employees.

Employee Benefits 52

Employee Benefits Medical Food Health 52

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

The Consolidated Appropriations Act of 2023 (“CAA 2023”), signed into law on December 29, introduced sweeping reforms to the employee benefits landscape. Any amounts contributed while a participant is ineligible must be included in the participant’s taxable income and are subject to an additional 10% excise tax.

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

AssuredPartners

SEPTEMBER 11, 2023

With the enactment of the Illinois Transportation Benefits Program Act (HB 2068; P.A. 103-291), the state of Illinois has taken steps towards supporting more widespread use of public transportation services for employees who commute to and from work.

Taxes 52

Taxes Transportation Deductions Deductible 52

Employee Benefits

MARCH 27, 2023

The pension freedoms that were announced in the 2014 Budget, and came into effect in April 2015, gave employees more choices and greater flexibility over their retirement options. The pension freedoms give employees aged 55 or over the option to take their retirement savings from their GPP in any way they choose. The income is taxable.

Pension 111

Pension Taxes Government Salary 111

HR Bartender

SEPTEMBER 14, 2017

But employees sometimes get asked to use their personal vehicles to run errands or drop stuff off at another location all the time. Today’s reader note is about how employees should be paid for mileage. There is no policy in the employee handbook regarding travel. At first glance, this might seem like a unique situation.

Deductions 102

Deductions Deductible Taxes Consulting 102

Business Management Daily

APRIL 29, 2024

Most employees expect benefits. Fringe benefits are how employers make up the gap. Other options like work-from-home stipends and cell phone plans keep existing employees happy, reducing turnover and boosting productivity. Employees today expect more, and attracting the best will depend on offering the right perks.

Out of Pocket Cost 84

Out of Pocket Cost PTO 401(k) Deductions 84

Genesis HR Solutions

JANUARY 24, 2023

Just how important is an employee handbook? It wouldn’t be an exaggeration to say that, actual employees aside, it may be the most important part of your organization. Handbooks help manage your employees and keep your business compliant with the ever-growing list of employment rules and regulations.

Family and Medical Leave Act 98

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

Empuls

SEPTEMBER 20, 2021

While most companies talk about employee perks, benefits, incentives, gifts, awards, and rewards in the same breath, the truth is, they each have their distinct characteristics and impact people in different ways.  Or you could end up with more than one disgruntled employee giving your organization a bad review on Glassdoor!

Paid Vacation 52

Paid Vacation Paid Leave 401(k) Bonuses 52

Vantage Circle

JUNE 16, 2021

Are you looking for a different way to compensate your employees? According to a Gallup poll, 40% of the employees want profit-sharing options as a part of their compensation plan. In simple words, profit-sharing is a way to contribute a portion of your company's profit to your employees. Do you have a thriving business?

401(k) 52

401(k) Profit Sharing Plan Retirement Plan Bonuses 52

Business Management Daily

OCTOBER 5, 2021

Must we factor internet allowances into non- exempt employees ‘ overtime calculations? Under final regulations issued in December 2019 , reimbursements to non-exempts for their substantiated business expenses can be excluded from their regular rate calculation when you’re figuring their overtime rate. It depends.

Payroll 52

Payroll Overtime Taxes Deductions 52

Business Management Daily

JULY 20, 2022

Sometimes it is necessary for employees to pay for business-related expenses with their own money, particularly if your business does not offer company credit cards. Many small businesses are also unable to offer company vehicles or company cell phones for employees to us. Employees should know what counts as a reimbursable expense.

Entertainment 59

Entertainment Transportation Health Insurance Taxes 59

Business Management Daily

JANUARY 5, 2023

At a minimum, Payroll, HR and Benefits will need to work together to ensure the following: All eligible participants are timely enrolled into an auto-enrollment plan, and the proper amount is withheld and invested prudently, if employees don’t indicate their investment choices. And most employees don’t opt out. Fixing mistakes.

401(k) 52

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

Qandle

SEPTEMBER 20, 2023

These taxes are collected to fund various government programs and benefits, including Social Security, Medicare, and unemployment insurance. Federal Payroll Taxes Federal Income Tax Withholding: Employers are responsible for withholding federal income taxes from their employees’ paychecks based on the information provided on Form W-4.

Taxes 52

Taxes Payroll Employment Deductions 52

Higginbotham

JULY 12, 2022

Your executive-level employees expect solid compensation and a robust executive benefits plan. Executive benefit reimbursement plans for health care expenses have provided one way to fill in gaps left by normal group health plans, ensuring that your business leaders are properly covered. They have to pay a deductible.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductions 52

Fringe Benefit Analysts

FEBRUARY 25, 2021

And the average cost of a non-emergency hospital visit was $2,000 in 2020. Group health insurance , also referred to as employer-sponsored group health insurance, helps employees pay for these and other health care expenses. Employees can choose to accept or decline the insurance products offered. Fringe Benefit Analysts.

Health Insurance 52

Health Insurance Insurance Hospitality Health 52

Patriot Software

MARCH 13, 2019

Imputed income is adding value to cash or non-cash employee compensation to accurately withhold employment and income taxes. Basically, imputed income is the value of any benefits or services provided to an employee. Imputed income typically includes fringe benefits. Non-deductible moving expense reimbursements.

Payroll 46

Payroll Net Pay Taxes Online Payroll 46

Benefits Notes

DECEMBER 28, 2022

The requirement of pre-death distributions from Roth designated accounts in an employer retirement plan are eliminated, effective for taxable years beginning after December 31, 2023. Participants would be allowed one distribution per year up to $1,000, and the employee would have the option to repay the distribution within 3 years.

401(k) 52

401(k) Retirement Plan Taxes Salary 52

HR Bartender

APRIL 16, 2017

Today’s reader question deals with that: I am trying to find out if employee discount programs that companies sign up for (to offer their employees discounts) have tax consequences for the employee and/or company when the discounts are redeemed. What are benefits, perks, and discount programs?

Taxes 138

Taxes Recruitment 401(k) Payroll 138

Insperity

JUNE 26, 2018

Once a rare employee benefit found only at large, high-end accounting, law and tech firms, student loan repayment benefits are growing rapidly as a way to lure young talent with hot degrees. An additional monthly employer contribution of $100 would save the employee over $10,000 in principal and interest. All employees?

401(k) 62

401(k) Benefits Package Taxes Banking 62

Genesis HR Solutions

JUNE 5, 2019

Here’s a little proof in case you need it: 57% of job candidates report benefits and perks are among their top considerations before accepting a job. A retirement assistance plan, like a 401(k) plan, ranks #4 of 54 benefits and has the highest correlation with employee satisfaction.

401(k) 40

401(k) Bonuses Taxes Salary 40

Patriot Software

MARCH 4, 2019

Just when you think you’re done, an employee comes up to you, hands you their form, and asks, Why are my W-2 Box 1 earnings less than my Box 3 and Box 5 earnings? You do a quick search of Form W-2 on the web, but you’re too overwhelmed to get a quick, specific answer to your employee’s question. Tips the employee reported.

Retirement Plan 40

Retirement Plan 401(k) Taxes Life Insurance 40

Business Management Daily

DECEMBER 2, 2020

There are two primary criteria to determine if you need to file a 1099: have you paid at least $600 to nonemployees, and if so, were any made to non-corporate entities? All taxable payments made to employees must be included on their W-2s. W-2s are for employees, 1099s aren’t.

Electronics 52

Electronics Taxes Benefit Providers Retail 52

Higginbotham

SEPTEMBER 12, 2023

To illustrate this increase, the maximum monthly premium you could charge an employee who earns $12.00 2024 $174.51 $130.88 $101.94 *Assumes “normal” FPL increase for 2023 Employee Takeaway The updated affordability percentages are effective for taxable years and plan years beginning on or after Jan.

Electronics 52

Electronics Overtime Flexible Spending Account Salary 52

Business Management Daily

MAY 30, 2022

Here are the compliance considerations to keep in mind before you start actually paying a new employee. One of the most common payroll mistakes is misclassifying employees. Misclassifying an employee as exempt. Nonexempt employees are compensated on an hourly basis and eligible for overtime pay.

Payroll 52

Payroll PTO Overtime Taxes 52

Benefit Resource Inc.

DECEMBER 6, 2018

So, non-discrimination testing must naturally exist to verify that you are not discriminating against employees. First reactions might be…”Non-discrimination testing? We treat all employees the same regardless of gender, race or other protected classes.” What is non-discrimination testing?

Flexible Spending 40

Flexible Spending Utilities Taxes Government 40

Higginbotham

MARCH 17, 2023

Under the pay or play rules, an applicable large employer (ALE) is only liable for a penalty if at least one full-time employee receives a subsidy for Exchange coverage. Employees who are offered affordable, minimum value (MV) coverage are generally not eligible for these Exchange subsidies.

Health Insurance 52

Health Insurance Flexible Spending Account Insurance Benefits Package 52

Empuls

APRIL 28, 2023

According to a survey conducted by the SHRM , 55% of HR professionals reported that their employees highly or somewhat valued employee discounts and 77% of organizations offer employee discounts or perks for their employees. Employee discounts have become increasingly popular in the modern workplace and for good reason.

Entertainment 40

Entertainment Benefits Package Media Employment 40

Workers' Compensation Perspectives

SEPTEMBER 19, 2022

Enacted reforms often result in restrictions that limit rather than enhance benefits to workers. US workers’ compensation benefits generally lag those provided under the Canadian provincial and Australian state workers’ compensation systems. Workers’ compensation “reforms” are typically focused on reducing employer costs.

Workers’ Compensation 52

Workers’ Compensation Compensation System Commissions Insurance 52

AssuredPartners

OCTOBER 31, 2018

Most experts see this as a non-starter, since post-ACA all non-retiree-HRAs have to be bundled with a major medical plan to pass the stringent ACA-requirements.nLet’s review the highlights associated with these "},{"attributes":{"link":"[link] regulations"},{"insert":".n"},{"attributes":{"underline":true,"italic":true,"bold":true},"insert":"HRAs

Health and Welfare 40

Health and Welfare Health Insurance Insurance Salary 40

Insperity

NOVEMBER 25, 2013

Not paying your employees or satisfying your governmental obligations, however, is not an option. The mismatching of employee names and Social Security numbers is so rampant among employers that the Social Security Administration (SSA) has established a special phone number for verification purposes. Misclassifying employees.

Payroll 40

Payroll Taxes Government Online Payroll 40

AssuredPartners

MAY 9, 2019

This employer-provided voluntary benefits program allows employees to effectively reduce their monthly commuting or transit costs. In 2019, the monthly limit is $265 for any commuter benefit or transit pass.

Employee Benefits 40

Employee Benefits Transportation Taxes Voluntary Benefits 40

AssuredPartners

DECEMBER 4, 2020

{"ops":[{"attributes":{"bold":true},"insert":"Health FSAs"},{"insert":"nOn October 27, 2020, the IRS announced in "},{"attributes":{"bold":true,"link":"[link] Proc. Although, it should of course be noted that employers have the right to impose a maximum limit on employee contributions to health FSAs that is lower than what the ACA permits.

Transportation 40

Transportation Flexible Spending Account Taxes Flexible Spending 40