Taxes & Employee Benefits

4 Steps To Calculate Healthcare Deductions In Payroll

payroll healthcare deductions

Jan 24th, 2017 by TRAXPayroll

One important aspect of payroll processing is performing deductions from the paychecks of employees, both voluntary and mandatory. An example of a voluntary deduction is healthcare benefits. When an employee accepts this benefit they will pay for the premiums in the form of payroll withholding. The employer is considered the payroll representative and as such must calculate the healthcare deductions based on their corporate policy, as well as applicable state or federal regulations.

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Understanding The Social Security Changes In 2017

social security changes

Jan 17th, 2017 by TRAXPayroll

A number of social security changes are expected for 2017. Specifically, the wage base which is subjected to taxation is expected to grow from $118,500 to $127,200. Upon reaching this threshold, employees will no longer be subject to social security tax withholding. It has also been recently announced that over sixty five million people will receive COLA, or a cost of living adjustment of 0.3 percent for 2017.

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ACA Is Getting Less Affordable In 2017

ACA less affordable

Jan 12th, 2017 by TRAXPayroll

Obamacare is projected to become more expensive in 2017. One change to be expected in the coming year is individual deductibles, which will increase by over $6,000. Families who have been placed in bronze plans will have deductibles which average $12,393. However, these are just a few of the price increases which are expected.

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Make Sure Your Open Enrollment Is On Track!

open enrollment

Dec 13th, 2016 by TRAXPayroll

Employers have had months to get ready for open enrollment, and the deadline is now rapidly approaching. Once open enrollment arrives, it is important to manage it in a way that ensures everything goes smoothly. Below are some tips for doing this.

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What Makes A Good Obamacare Software Solution?

Obamacare software

Dec 6th, 2016 by TRAXPayroll

In a quest to meet the guidelines mandated by the Affordable Care Act, the market has become flooded with a variety of Obamacare software products. This is great news for business owners and HR personnel as these tools will make it easier for them to understand the various aspects of ACA. However, not all these software products are equal in quality, so it is important to choose wisely and look for features which indicate a superior product. Below are some features to look for in any ACA software you’re considering purchasing.

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5 Frequently Asked Questions About Small Business Taxation

small business taxation

Nov 17th, 2016 by TRAXPayroll

Small business owners who have recently established their company will have many questions regarding small business taxation, and rightly so. Making a mistake regarding taxes can lead to costly penalties that few small businesses can afford, so familiarizing yourself with the basics can go a long ways towards ensuring that everything is done by the book.

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HSA, HRA & FSA: The Differences You Need To Know


Nov 15th, 2016 by TRAXPayroll

HSA, HRA and FSA are threehealthcare benefits acronyms which can be very confusing. Perhaps you have signed up for one, only to find it was another. Knowing the difference between the three is crucial when it comes to employee benefits administration.

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Why Should Employers Start To Offer Paid Sick Days?

paid sick days

Oct 20th, 2016 by TRAXPayroll

Currently, only a handful of institutions within the United States offer paid sick days. Most do not, and the U.S. is one of the few developed nations that doesn’t make paid sick leave mandatory for each employee. Many companies are reluctant to offer this benefit due to fears that employees will misuse it, or it will drive up their operating costs. What you should know is that there are a number of advantages to be gained by offering these benefits. Below are some of them.

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The Earlier, The Better: Get To Know Your 2017 ACA Reporting Dates!

early ACA reporting dates

Oct 4th, 2016 by TRAXPayroll

As we move into fall, it is important to begin thinking about your 2017 ACA reporting dates. While the IRS provided a number of breaks for 2016 such as deadline extensions as well as leniency for businesses that didn’t get everything correct, it will tighten the leash next year considerably.

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Which Type Of Payroll Schedule Is Right For Your Business?

payroll schedule

Sep 8th, 2016 by TRAXPayroll

Deciding when and how to pay your employees is an important decision. Payment is what motivates your employees to work, and the payroll schedule you choose for them will determine their moral, work quality, and whether they decide to work for you at all. Understanding the various payment schedules that exist will make it easier to select one which is well suited for your business.

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