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Tag: deductions

Final paystubs versus W2s

Final paystubs versus W2s Year end is fast approaching, which means it is almost time for employees to receive their final paystubs of the year. In addition to final paystubs, employers must provide a W2 to each employee by January 31st. But, are final paystubs and W2s the same? Let’s

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Are retirement contributions pre-tax or post-tax?

Many businesses offer a retirement plan as part of their employee benefits package. In fact, many states are beginning to set up state run retirement programs to allow employees that do not have access to a retirement vehicle the chance to begin investing in their future. While there is no

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What to do when an employee destroys company property

People can be careless. This is especially true when it comes to items that they do not own. Many businesses provide their employees with company owned items such as uniforms, cell phones, laptops, vehicles, etc. But, what happens when employees are careless with these items? Let’s take a look at

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pre-tax and post-tax deductions

Pre-tax and post-tax deductions

Most businesses provide benefits to their employees. These benefits must be withheld from employee’s pay properly, according to the IRS, for businesses to stay tax compliant. Certain benefit deductions are considered pre-tax deductions while others are considered post-tax deductions. In this article, we will take a look at the difference

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