Taxes & Employee Benefits

Key Tips To Outsourcing Employee Benefits Management

employee benefits management

Apr 20th, 2017 by TRAXPayroll

When employee benefits management is improperly implemented by third-party contractors, a company can incur substantial costs in regards to its efficiency and effectiveness when providing work benefits to employees. Even small businesses may experience delays when it comes to processing important forms and enrollments. Below are some tips that will allow benefits management for workers to be outsourced with ease:

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Is Your HDHP HSA-Qualified?

HSA-qualified

Apr 11th, 2017 by TRAXPayroll

Health Savings Accounts (HSA) are favored by people who want comprehensive health insurance that is individualized. Such programs also allow them to grow their savings tax free and can be rolled over from year to year. However, before contributing to a HSA, one must first be enrolled within a HDHP, or high deductible health plan. HDHPs have a deductible which is higher than standard insurance plans, so here is how to determine if you’re HSA-qualified.

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Be A Champion This Tax Season

tax season

Apr 4th, 2017 by TRAXPayroll

Businesses must prepare themselves for the annual tax season, and this means being aware of the constant changes which are occurring regarding taxation. Keeping abreast of these developments will keep your taxes lower and less onerous. Always consult your Certified Public Accountant, if you have any concerns about your taxation matters.

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Key Features To Look Out For In An Employee Online Benefits Management System

employee online benefits management system

Mar 16th, 2017 by TRAXPayroll

A number of improvements have been made to both the workflow and efficiency of the employee online benefits management system. In the past such programs were extremely intensive, but modern platforms provide a number of key benefits. Here are some of the most important features to look for:

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You Will Probably See These Employee Benefits Trends In 2017

employee benefits trends in 2017

Feb 28th, 2017 by TRAXPayroll

There are a number of changes which are expected when it comes to employee benefit trends in 2017. While this means new challenges for employers, it also provides significant opportunities to those that can recognize and take advantage of them. Here are some of the trends that are predicted to dominate 2017:

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What You Need To Know For Small Business Tax In 2017

small business tax in 2017

Feb 16th, 2017 by TRAXPayroll

A number of changes can be expected for small business tax in 2017. They come courtesy of the Internal Revenue Service (IRS), which is known for making changes on an annual basis, so keeping up to date with them is important. Let’s find out more about the changes pertaining to 2017 small business tax matters.

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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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