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Plain-English answers about payroll tax savings, Section 125 plans and employee benefits, written for business owners and the advisors who review their decisions.
How business owners with employees can legally pay less in taxesEight legal ways employers reduce their tax bill, from pre-tax benefit plans and retirement plans to depreciation, credits and entity choice.Is a payroll tax savings benefits plan legitimate?Some payroll tax savings benefit plans are built on long-standing tax rules and some are not. Here are the questions employers should ask before signing.What is a self-insured medical reimbursement plan?A plain-English explanation of self-insured medical reimbursement plans: how they are funded, what tax rules apply and what employers should confirm first.How employers lower FICA payroll taxes with a Section 125 planSection 125 cafeteria plans let employees pay for qualified benefits pre-tax, which lowers the wages on which employers owe FICA. Here is how the math works.What happens to an employee's paycheck under a preventive care plan?How a preventive care benefits program shows up on a pay stub, what changes in take-home pay, and the questions employees usually ask HR.Questions your CPA will ask about a payroll tax savings programA due diligence checklist for employers and CPAs reviewing a Section 125 and medical reimbursement program: tax treatment, documents, compliance and risk.
This article is general information, not tax, legal, accounting, insurance or benefits advice. Everlasting Benefits Group is an independent sales representative for third-party plan administrators and may be paid by them when an employer adopts a plan. We are not a plan administrator, insurer, law firm or accounting firm. Tax rules change and results vary by state, payroll and plan design. Talk with your own CPA or attorney before adopting any plan.