New and Newsworthy

Before 401(k) plans burst onto the employee benefit scene in the 1980s and traditional pension plans had not yet gone nearly extinct, there were profit-sharing plans. The purpose of these plans, as the name suggests, was to spread some of your profits around the workforce. But as 401(k) plans emerged, they were often incorporated into an existing profit-sharing plan structure, which shares the same "defined contribution" plan format. [...]

Employers who must comply with the Americans with Disabilities Act (ADA) and similar state laws sometimes wonder how far they have to go to accommodate a disabled applicant or employee. The ADA defines accommodation as any change in the work or work environment which enables a disabled employee to perform the essential functions of a job. Accommodations can range from improving physical or structural obstacles to easing rigid [...]

If your company still uses a manual time tracking system, you are probably losing time and money, as well as opportunities to streamline payroll and labor management. Much of the extra cost comes from errors and the time that managers and payroll personnel spend on labor-intensive tasks, such as: Monitoring early and late sign-ins and sign-outs. Complying with federal and state laws, as well as union contract rules. [...]

Do you owe self-employment (SE) tax on non-wage income that you collect only occasionally or in a one-off circumstance? Some sources of income may not be subject to the dreaded SE tax. Here's what you should know if you earn income from "irregular" sources. What Is SE Tax? SE tax is the way the U.S.Treasury Department collects Social Security and Medicare taxes on non-wage income from business-related activities. [...]

While you're considering health care benefits options during your "open enrollment" period, you should also take stock of your retirement savings strategy. Are you saving enough to cover your retirement needs? The answer depends on many factors, including your expected living expenses, bucket list items (such as travel and hobbies) and potential medical and long-term care costs. Also be aware that many employers have embraced "auto-enrollment" and "auto-increase" [...]

Under the Affordable Care Act, whether an employer is required to provide health insurance depends on the number of full-time employees and full-time equivalents. That means your payroll tracking reports are now closely tied to your company's health coverage. Health insurance terms can be confusing — especially now that the ACA has brought a whole new layer of jargon. Here are definitions of some of the terms you [...]