Under section 125 of the IRS code, employee salary withholding is allowed to take care of certain types of insurance such as disability, group legal services, accident and medical insurance. When your expert in payroll processing does this, it reduces the total taxable income of your employees while at the same time reducing the FICA matches. Get further info here.
Many businesses that have in-house payroll staff do not make use of this important provision of law because of its sophisticated nature. To resolve this stalemate, a professional and competent expert in payroll processing can help navigate the challenges involved to bring forth the required benefits. The requirements of section 125 of IRS code are cumbersome and stringent, but the good news is that payroll service providers will provide custom services designed to meet your needs. Here are some of the services they will provide you with:
• Advising you on which qualifying premium plans you need to set up for you to benefit from the provisions
• Administration of employee enrollment where necessary
• Offering assistance with reporting to various authorities
St louis payroll services will help you provide pre-requisite information to tax authorities. This means that a business is able to benefit from the benefits that come with complying with section 125 while at the same time ensuring that you do not rub the authorities the wrong way.
• Advising you on which qualifying premium plans you need to set up for you to benefit from the provisions
• Administration of employee enrollment where necessary
• Offering assistance with reporting to various authorities
St louis payroll services will help you provide pre-requisite information to tax authorities. This means that a business is able to benefit from the benefits that come with complying with section 125 while at the same time ensuring that you do not rub the authorities the wrong way.