Taxes & Employee Benefits

Should Employers Withhold Federal Taxes On Hourly Paid Employees?

withholding taxes for hourly paid employees

Dec 31st, 2015 by TRAXPayroll

If you’ve ever been paid by the hour, then you probably know that the pay you take home is less than what you make hourly. The reason for this is because employers withhold federal taxes. These funds are used to pay for things such as Social Security, Medicare and income taxes.

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7 Tips That Employees Can Use While Shopping For Health Insurance In 2016

tips to buy health insurance

Dec 17th, 2015 by TRAXPayroll

While employers can assist employees in learning how to find and purchase a health insurance plan, as well as providing reimbursement to cover the cost of the premium, they should not be involved directly with selecting and purchasing personal insurance policies for their employees. Below are a list of tips that can help employees find the health plan which is best for them.

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Jersey City Ramps Up The Paid Sick Leave Law

Jersey city paid sick leave law

Dec 3rd, 2015 by TRAXPayroll

A recent ruling passed by the Jersey City council will require more businesses to recognize paid sick leave law for their employees. Businesses which employ ten workers or less are now required to give their employees as much as 24 hours of sick time with pay, and as much as sixteen hours of sick leave each year. Before this ruling, businesses in the area were only required to give their employees unpaid sick leave. The fines for violating this paid sick leave law will range from $1,250 to as much as $2,000 for every infraction.

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How to Manage ACA Compliance

How to Manage ACA Compliance

Dec 1st, 2015 by TRAXPayroll

Many employers are overwhelmed by the regulatory demands when it comes to the Affordable Care Act (ACA), as this adds to their already-heavy workload. Keeping up with new legislation and industry changes can be challenging, but not keeping up with them can have severe consequences such as legal penalties. If you are wondering how you can manage ACA compliance without tipping yourself over, here are some useful tips you can consider:

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Are You Eligible For A Section 105 Plan?

section 105 plan

Nov 24th, 2015 by TRAXPayroll

Some small businesses strive to offer the best health benefit plans to retain or recruit the best employees possible. However, there is a slight problem and it is that traditional health insurance plans provided by employers are too costly. As a result, only more than 50% of small and medium businesses offer some forms of health insurance today.

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Do You Know How Annual Bonuses Are Taxed?

annual bonus taxation

Nov 17th, 2015 by TRAXPayroll

No one can deny that they love receiving their annual bonuses. However, not all of them really understand how these annual bonuses are associated with tax deductions, tax returns or even what is considered as a bonus by the Internal Revenue Service (IRS for short).

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The Advantages Of Online Enrollment For Employee Benefits

online enrollment for employee benefits

Nov 10th, 2015 by TRAXPayroll

Some employees may feel that open enrollment can be a stressful experience for them as they are subjected to a fixed deadline to make decisions that might affect their families for the following year. They may feel confused and pressured about making the right choices. However, allowing them to prepare in advance, communicating with them regularly as well as utilizing an online enrollment platform can help you make open enrollment much easier for your valued employees.

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ACA Reporting: Important 2015 – 2016 Dates For Large Employers

ACA reporting important dates for 2015 to 2016

Nov 3rd, 2015 by TRAXPayroll

Employers that have at least 50 full time employees working for them throughout 2015 must be sure they have their plans set in place to achieve Affordable Care Act (ACA) compliance.

Forms must be given to employees before February 1, 2016, and the IRS must receive them by February 29th, 2016 (for paper filing) and March 31st, 2016 (for electronic filing). Employers that have less than 50 employees who work full time are only required to be ACA compliant if they are self-insured, otherwise they are exempted.

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Essentials To Know When Working With Independent Contractors

payroll for independent contractors

Oct 27th, 2015 by TRAXPayroll

Many modern-day businesses have worked with an independent contractor at least once. If not, you are likely to work with a freelancer in the near future as they are expected to make up more than 35% of the workforce by 2020.

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A Simple Guide To Healthcare Benefit Plans For Employees

healthcare benefits for employees

Oct 22nd, 2015 by TRAXPayroll

Healthcare benefit plans can offer many types of employers an efficient way to help employees cope with certain expenses that pertain to healthcare. They are also sometimes called health cash plans and should not be compared to private medical insurance plans.

Healthcare benefit plans are quite popular among smaller sized businesses and they offer employers an attainable and affordable way to offer employee healthcare benefits. If you want to understand how this type of benefit plans work, this simple guide will school you through the important basics.

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