Payroll Tax Rates And Contribution Limits For 2022

Below are federal payroll tax rates and benefits contribution limits for 2022. Social Security tax In 2022, the Social Security tax rate is 6.2% for employers and employees, unchanged from 2021. The Social Security wage base is $147,000 for employers and employees, increasing from $142,800 in 2021. Self-employed people must pay 12.4% on the first $147,000. Medicare tax … Read more

Automatic 401(K) Enrollment: Right For Your Company?

Traditionally, employees have to opt in to retirement plans and make their own decisions about contributions. But there’s another possibility: automatic enrollment. If they choose to enroll their staff automatically, companies have three options: Basic automatic enrollment, also called an “Automatic Contribution Arrangement” (ACA) Employees are automatically enrolled in the 401(k) plan unless they choose … Read more

How To Retain Employees In A Tough Market

Imagine you’re a nursing home manager trying to replace a nurse’s aide. But the resumes aren’t coming in like they usually do. You can’t figure out why until an applicant points out that you’re offering the same hourly wage as McDonald’s and asks what you have that McDonald’s doesn’t. Lockdown-era furloughs forced huge numbers of … Read more

IRS Announces Mileage Rates For 2022

The IRS has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 58.5 cents per mile driven … Read more

IRS Announces 2022 Limits for Retirement Plans

The IRS has announced the new retirement plan numbers for 2022. Retirement limits for 401(k) and similar plans are up. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $20,500, up from $19,500. IRA limits have changed for certain savers. If during the … Read more

Can You Clearly Explain Your Health Insurance Plan?

According to a report by the International Foundation of Employee Benefit Plans, just 19 percent of employers say their employees had a “high level of understanding of their benefits.” The report cites three main reasons for this: Employees don’t open or read the materials. Employees don’t understand the materials. Employees don’t see the value in … Read more

7 Ways To Manage the Worker Shortage

Many businesses are struggling with a worker shortage. It is happening across the board: staff shortages at our doctors’ offices, at child care centers and at the restaurants we frequent. Businesses, their employees and their customers and clients all are unhappy and trying hard to find solutions. Here are seven things businesses can focus on … Read more

An FMLA Questionnaire To Keep You Compliant

Employer coverage – Is your business covered by the Family and Medical Leave Act (FMLA)? You must adhere to the FMLA if you employ at least 50 employees in 20 or more workweeks in the current or prior calendar year. The employees must also meet certain eligibility rules. Notice requirements – Is the FMLA poster … Read more

On-Demand Pay: A Growing Payroll Trend

A 2020 report by Ernst & Young says on-demand pay is “the term used to describe a category of financial products that give employees the ability to draw on their accrued wages before payday.”  The Case for On-Demand Pay In 2017, CareerBuilder reported that a staggering 78% of U.S. workers live paycheck to paycheck. Since … Read more

What Is the Cost of Employee Vacancies?

How much money is lost when you leave a position vacant? There’s a financial impact to keeping a role open. Efficient, productive firms have talent acquisition and retention plans to quickly fill the pipeline with great candidates. Without those processes in place, however, recruiting, screening and acquiring new staff can be costly and time-consuming. The … Read more

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