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Tag: employer

Aug212020 by adminNo Comments

The payroll tax holiday will kick off in two weeks. Your employer isn’t ready

Finance
President Donald Trump speaks during a rally at Yuma International Airport in Arizona on Aug. 18.Brendan Smialowski | AFP | Getty ImagesEmployers and payroll companies have less than two weeks to put President Donald Trump's payroll tax deferral in place. It's looking like an uphill battle.The president signed an executive order on Aug. 8 calling for a deferral of the employees' portion of the payroll tax from Sept. 1 through the end of the year.Currently, employers and employees share responsibility for a 12.4% levy that funds Social Security and a 2.9% tax to support Medicare.Social Security taxes are subject to an annually adjusted wage cap ($ 137,700 for 2020), but Medicare taxes are  assessed beyond that threshold.The executive order applies specifically to the Social Security ...
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May62018 by adminNo Comments
The 401(k) dilemma: Keep the plan at your old employer or roll it over to an IRA

The 401(k) dilemma: Keep the plan at your old employer or roll it over to an IRA

Finance
Here's a question for anyone who's about to leave an employer: Are you keeping your money in the retirement plan, or are you taking your savings with you?For companies that provide workplace retirement plans, that's a $ 9.2 trillion question — that's the number of assets held in individual retirement plans as of the end of 2017, according to the Investment Company Institute.These 401(k) record-keepers have a bird's eye view of employees' savings and they are in a prime position to contact plan participants about rolling over their balance into an IRA with them — which may not always work out in favor of departing workers."They will try to take you out of your 401(k) and put you into a suboptimal IRA rollover," said Anthony Isola, a financial advisor at Ritholtz Wealth Management in New Yo...
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