Help Your Employees Plan for Retirement and Save on Taxes
401(k) retirement plans are a great way of providing additional benefits to your employees through contributions of pre-tax dollars to retirement savings plans. Whether you are looking to better integrate your existing 401(k) administration with your payroll service provider, change 401(k) providers, or offer these plans for the first time to your employees - we can help!
On-Time Payroll offers a convenient, flexible and affordable 401(k) solution for businesses of any size, but has been specifically built to satisfy the needs of small and medium sized businesses. Employers and employees receive streamlined, full-service recordkeeping and administration services combined with a wide array of high quality investment options that make this the highest valued retirement program in the marketplace today.
Save on Taxes with a Section 125 Cafeteria Plan
If you don’t have a Section 125 cafeteria plan in place for your business, you could be spending thousands of dollars on taxes needlessly every year. A Section 125 cafeteria plan is actually a way for your employees to put part of their earnings toward benefits like health insurance before taxes are applied, thereby reducing their total taxable income for the year. With your employees' taxable income lowered, your business will be able to save thousands in employer taxes each year.
On-Time Payroll can draft and institute the Section 125 plan that suits your business best. Here are the most commonly implemented and cost-effective options:
● Premium-Only Plans. The simplest type of cafeteria plan, the premium-only plan, automatically deducts the health insurance contribution from an mployee’s paycheck on a pre-tax basis.
● Flexible Spending Account Plans. Flexible Spending Accounts or FSAs, allow your employees to put a predetermined amount of money from every paycheck into a tax-sheltered account. This money can then be used to pay for eligible medical and travel expenses or dependent care.
On-Time Payroll will calculate your overall tax savings depending on the plan you choose to adopt and the setup of your company’s payroll.