Before-Tax Deduction

Decoding Year to Date (YTD): A Financial Insight What is Year to Date? Calculating YTD: Year to Date Revenue: Gross vs. Net: Importance of Year to Date:

Average Sick Days in the UK – How To Maximise Attendance In this article we look at sick day laws in the UK and how many sick days you as an employer must provide per year. Finally, we’ll show you how you can increase overall employee attendance in your company. The most important facts How…

Navigating HSA Reimbursement: Unveiling the Concept Understanding HSA Reimbursement Unraveling the Core Concept HSA reimbursement involves utilizing funds from a Health Savings Account (HSA) to offset qualified medical expenses initially paid out of pocket. This mechanism proves beneficial when the incurred medical expenses surpass the available HSA balance at the time of payment. The flexibility…

Deciphering Employment Termination: Understanding Summary Dismissal Unveiling Summary Dismissal Understanding Summary Dismissal A summary dismissal, also known as an instant dismissal, entails the immediate termination of an employee due to gross misconduct. Unlike regular termination, it occurs without notice and without payment in lieu of notice. Legal Foundations: Reasons for Summary Dismissal Fair and Just…

Title: Understanding FICA: Contributions, Limits, and Exemptions What Is FICA? The Federal Insurance Contributions Act (FICA) is a U.S. payroll tax designed to fund essential federal programs—Social Security and Medicare. Both employees and employers contribute equally to these programs, providing benefits to retirees, individuals with disabilities, and children of deceased workers. FICA Deduction Rates (2020):…

Title: Unveiling Form 8832: Transforming Tax Classifications with Precision Decoding Form 8832: A Strategic Tax Maneuver Form 8832: Shaping Tax Identities Understanding the Purpose: Why Form 8832 Matters Strategic Tax Classification Adjustments: Form 8832 holds the power to reshape the tax landscape for partnerships, single-member LLCs, multiple-member LLCs, and specific foreign entities. This document, submitted…