Workplace Insight

APRIL 5, 2024

Now the assumption that public transport is cheaper than driving is also being called into question for the UK’s commuters. That’s the equivalent of almost a quarter of the average worker’s salary ( £34,900 pre-tax ) spent on getting to work via public transport. With rail fares increasing by 4.9

Transportation 59

Transportation IT Media Taxes 59

Employee Benefits

MARCH 6, 2024

Bradley Post, managing director of RIFT, said: “Where tax cuts are concerned, the Chancellor has said a lot while doing very little for the average household. This is at a time when growth in electric vehicle sales has slowed and with road transport still representing 23% of all carbon emissions in the UK.”

Government 59

Government Transportation Taxes Employee Benefits 59

Benefit Resource Inc.

MARCH 28, 2024

Pre-tax benefits are a powerful tool for saving money and maximizing your income. Know Your Pre-Tax Benefit Options Flexible spending accounts (FSAs): An FSA allows you to set aside pre-tax dollars for eligible healthcare expenses. Here are some essential tips to help you navigate the early stages of the plan year.

Flexible Spending Account 52

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

PayrollOrg

JANUARY 25, 2022

In this December 2021 issue of Compliance TV: President signs infrastructure bill that ends ERC early; Reminder that payment of deferred social security tax from 2020 Is due soon; IRS announces 2022 retirement plan contribution and benefit limits; and IRS announces 2022 COLAs for transportation fringes, FSA deferrals, foreign earned income exclusion, (..)

Retirement Plan 149

Retirement Plan Transportation Taxes 149

Employee Benefits

OCTOBER 3, 2023

As part of the scheme, employees sacrifice part of their gross salary before tax through fixed monthly payments and receive income tax and national insurance savings. It also offers fully comprehensive motor insurance, servicing, routine maintenance and repairs, breakdown cover and MOTs.

Salary 105

Salary Banking Paid Leave Transportation 105

Benefit Resource Inc.

JANUARY 22, 2024

Commuter ordinances have become integral in addressing the challenges of urban transportation, shaping the landscape of employee benefits and corporate responsibility. They intersect with pre-tax benefit programs, providing tax advantages for both employers and employees.

Transportation 52

Transportation Taxes Employee Benefits Employment 52

Employee Benefits

MAY 15, 2023

Jonathan Watts-Lay, Director, WEALTH at work, comments, “One way to save money is by paying for things through your company payroll using your pre-tax salary, so you pay less income tax and National Insurance. This means the income tax and National Insurance saving outweigh this relatively small ‘benefit in kind’ cost.

Salary 98

Salary Pension Taxes Transportation 98

Business Management Daily

JANUARY 17, 2020

Tax audits are all about your records. Have sloppy, incomplete and inaccurate records and you will needlessly pay tax penalties. The IRS determined that a taxpayer was $17,925 in the hole for his income taxes, and, accordingly, was liable for a $3,585 accuracy-related penalty. Tax Court, 2019). Tax Court, 2019).

Taxes 52

Taxes Entertainment Deductions Deductible 52

AssuredPartners

NOVEMBER 6, 2019

{"ops":[{"insert":"Today, the Internal Revenue Service announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes (generally referred to as cost-of-living increases).

Transportation 40

Transportation Flexible Spending Account Flexible Spending Taxes 40

Benefit Resource Inc.

NOVEMBER 6, 2023

Let’s explore effective strategies for promoting employee well-being during the winter months and the role of pre-tax benefits in achieving this goal. Leverage Pre-tax Benefits Pre-tax benefits are a valuable tool for promoting employee health and wellness during the winter months.

Flexible Spending Account 90

Flexible Spending Account Flexible Spending Health Savings Account Food 90

Benefit Resource Inc.

MAY 30, 2023

Although pre-tax employee commuter benefits sound like they only assist your staff, the truth is that these programs also provide significant advantages for your business, as well. Consider these great advantages your business can enjoy by offering pre-tax commuter benefits: 1. Employers are responsible for payroll taxes around 7.65

Taxes 98

Taxes Transportation Government Payroll 98

AssuredPartners

NOVEMBER 15, 2018

{"ops":[{"insert":"Today, the Internal Revenue Service announced the tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes (generally referred to as cost-of-living increases).

Transportation 40

Transportation Flexible Spending Account Flexible Spending Taxes 40

Employee Benefits

JUNE 20, 2023

Modern company car schemes can offer a tax-efficient means to access new vehicles. In addition to the employees that need a means of transport in order to do their job, perk cars are often offered to the wider workforce, as well as to senior members of staff. A company car can be a useful attraction and retention tool for employers.

Salary 105

Salary Transportation Taxes Work From Home 105

Higginbotham

AUGUST 15, 2023

Employees Need to Save on Transportation Daily commutes don’t just take up a person’s time. According to the Bureau of Transportation Statistics, the retail price of gas reached an all-time high of $5.03 According to the Balance, costs associated with commutes are not tax deductible for employees. in June 2022.

Transportation 52

Transportation Benefits Package Taxes Deductions 52

Employee Benefits

MARCH 14, 2024

Cycling is a cheaper method of commuting than driving your car or taking public transport. Bikes don’t require road tax or petrol, making the daily or weekly commute much more affordable, thus reducing financial anxiety. As a salary deduction scheme, there are no NIC or tax savings for employers or employees.

Deductions 105

Deductions Deductible Retail Salary 105

CorpStrat

JANUARY 17, 2023

Transportation fringe benefit plans. Health FSA pre-tax contribution limit. Monthly limits for transportation fringe benefit plans. Employees’ elective deferrals to 401(k) plans, pre-tax and Roth. Tax exclusion for adoption assistance benefits. Health flexible spending accounts (FSAs). 401(k) plans.

401(k) 52

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

Workplace Insight

NOVEMBER 28, 2023

trillion in investments will be needed by 2050, particularly in the production, energy and transport sectors, according to a new World Economic Forum report. Building on the 2022 edition, the updated report includes transportation sectors and applies the framework to identify strategies for net-zero industrial transformation.

Transportation 59

Transportation Technology Banking Taxes 59

Employee Benefits

NOVEMBER 28, 2022

Employees at transportation business Scotrail have accepted a pay rise of between 7% and 9%, backdated to April. The pay offer followed a campaign of industrial action by members of the National Union of Rail, Maritime and Transport Workers (RMT), which included two days of strikes. increase funded by Scotrail.

Transportation 72

Transportation Taxes Insurance Employee Benefits 72

Assurance Agency

AUGUST 23, 2023

At the end of July 2023, the Illinois General Assembly passed into law the Transportation Benefits Program Act. 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). For 2023, that amount is $300.

Deductions 52

Deductions Deductible Transportation Taxes 52

Assurance Agency

AUGUST 23, 2023

At the end of July 2023, the Illinois General Assembly passed into law the Transportation Benefits Program Act. 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). For 2023, that amount is $300.

Deductions 52

Deductions Deductible Transportation Taxes 52

InterWest Insurance Services

SEPTEMBER 13, 2022

It warns that some trucking companies may opt to stop doing business in California and that the decision will drive up the cost of transportation since trucking businesses will have to pay drivers as employees. How the law works. The effects. They can also work for other customers.

Transportation 96

Transportation Manufacturing Taxes Employment 96

Benefit Resource Inc.

FEBRUARY 9, 2023

If you use mass transit for work and you are enrolled in a pre-tax Commuter Benefits Plan (CBP) through your place of employment, you’ll want to be aware of what you can (and can’t) purchase with your CBP funds. If you live in a metropolitan area, there’s a good chance you take mass transit to or from work.

Transportation 98

Transportation Taxes Deductions Deductible 98

Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. Transportation Fringe Benefits Rise for 2023. 2023 Retirement Plan Limits Increase.

401(k) 82

401(k) Retirement Plan Health Savings Account Deductions 82

Workplace Insight

SEPTEMBER 13, 2023

Energy is a key priority as almost three quarters of global greenhouse gas emissions come from production, use and transportation of energy. Decarbonising mobility, including public transport networks and commercial and private vehicles is a priority to reduce emissions.

Transportation 59

Transportation Engineering Construction Technology 59

Employee Benefits

MAY 10, 2023

Non-profit transport service Dial A Ride, the trading name of Blackburn and Darwen Community Transport, has been ordered to compensate a former driver in a dispute concerning unfair dismissal, employment status and holiday pay.

Transportation 104

Transportation Education Employment Employee Benefits 104

Empuls

SEPTEMBER 28, 2023

For instance, housing, transportation, and general living expenses are considerably higher in London compared to other parts of the country. Transportation costs : The cost of public transportation and fuel prices could strain the finances of commuters and car owners. Food prices : The average cost of groceries and dining out.

Bonuses 40

Bonuses Employment Transportation Taxes 40

Benefit Resource Inc.

MARCH 15, 2023

An ideal program encompasses all forms of pre-tax transportation (i.e. At $255 (or the pre-tax limit), you will pay $11.48. transit, rideshare, vanpooling) and parking benefits. Calculating fees. Some administrators will charge administrative fees based on a percent of the purchase or election. For example, you may pay 4.5%

Transportation 98

Transportation Deductions Deductible Taxes 98

Benefit Resource Inc.

NOVEMBER 15, 2023

Flexible Spending Accounts (FSAs): FSAs empower employees to set aside pre-tax dollars to cover qualified medical and dependent care expenses. Health Savings Accounts (HSAs): HSAs provide a pre-tax way for employees to save for medical expenses. During times of inflation, healthcare costs often spike.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 52

Employee Benefits

FEBRUARY 22, 2023

The employee saves the income tax and national insurance (NI) contributions and the employer makes savings on the amount of salary that has been sacrificed. The employee gets a brand new, maintained car at corporate rates, and save most of the value-added tax (VAT) they would pay on a personal lease. What are the benefits?

Salary 98

Salary Taxes Government Insurance 98

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 25, 2022

Perhaps most notably, the annual limit for pre-tax and Roth contributions by employees to 401(k) plans has jumped from $20,500 to $22,500, and the annual limit for “catch-up” contributions to such plans by employees who are age 50 or older has increased from $6,500 to $7,500. Annual Pre-Tax/Roth Contribution Limit.

Retirement Plan 52

Retirement Plan 401(k) Flexible Spending Account Flexible Spending 52

Business Management Daily

JULY 20, 2022

They are often related to business travel, but can also include work supplies, personal devices used for work, and mileage or transportation expenses. Reimbursable expenses are typically not taxed. They are often counted as part of an employee’s gross income for tax benefits. Transportation expenses.

Entertainment 59

Entertainment Transportation Health Insurance Taxes 59

WEX Inc.

SEPTEMBER 12, 2023

Exploring HSAs and FSAs HSAs and medical flexible spending accounts (FSAs) let you save money because the funds you contribute to them are pre-tax. Consider the following when evaluating these accounts: Tax benefit: Contributions to HSAs and FSAs are tax-deductible and reimbursements for qualified medical expenses are tax-free.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 52

Enjoy Benefits

JUNE 4, 2023

Transport, storage and manufacturing have also been affected. Fewer people in the workforce also means less tax to invest in the economy. Many of our benefits come at no extra cost to your business and with reductions in tax and NI. That’s roughly 300,000 more 50 to 65-year-olds than before the pandemic.

Pension 97

Pension Manufacturing Transportation Benefits Package 97

Benefit Resource Inc.

MARCH 23, 2022

These funds can be contributed by employees and/or employers to pay for certain workplace commuting expenses, including mass transit and parking, on a pre-tax basis. For over 20 years, transportation benefit programs have been available. First, the benefit was a cash reimbursement, then employers began using transportation vouchers.

Transportation 52

Transportation Taxes Employment 52

Benefit Resource Inc.

MAY 2, 2023

Significant areas of focus are healthcare costs and pre-tax benefits. Offering pre-tax benefits First, if employee benefits aren’t already offered, employers can help alleviate the financial burden of healthcare costs for their employees by providing pre-tax benefits.

Employment 52

Employment Flexible Spending Account Benefits Package Healthcare 52

Employee Benefits

NOVEMBER 6, 2023

Looking] at an organisation’s carbon footprint, for example, transportation to and from the place of work is not an insignificant contribution, so encouraging sustainable transport proves beneficial for the [organisation] and its employees.”

Pension 105

Pension Transportation Consulting Government 105

Business Management Daily

NOVEMBER 9, 2020

The IRS’ guidance didn’t change the rules regarding what counts as a tax-free dependent care expense—an expense incurred that enables employees to work. Transportation fringes. Tax relief for pretax contributions for transportation fringes—mass transit passes or employer-provided parking—wasn’t included in the IRS’ earlier guidance.

Deductions 52

Deductions Deductible Transportation Construction 52