Benefits comprehensive control program business

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The amounts set aside are not taxed to the employee and are a tax deductible business expense for the employer. Elective deferrals don't count in figuring the employer's deduction limits.

Thus, the employer's contribution up to the profit-sharing deduction limit, plus the elective deferral, are tax-sheltered. An employer's discretionary matching contribution can provide incentive for employee participation as well as serve as an employee benefit.

Stock Bonus Plans. This is similar to a profit-sharing plan. The plan invests in employer stock, which is generally distributed to participants at retirement. Employee Stock Ownership Plans. A special breed of qualified plan, an employee stock ownership plan ESOP , provides retirement benefits for employees.

In addition, an ESOP can be used as a market for company stock, for financing the company's growth, to increase the company's cash flow or as an estate planning tool. ESOP funds must be primarily invested in employer securities. ESOPs are stock bonus plans or stock bonus combined with money purchase plans. Tax deductible contributions to the plan are used to buy stock for eligible employees. On retirement, the employee may take the shares or redeem them for cash. Complicated rules must be adhered to in the establishment and maintenance of an ESOP plan.

Expert advice should be sought. Employers with or fewer employees can establish "Simple" retirement plans. The Simple combines the features of an IRA and a k.

Employees can contribute to the Simple, pre-tax, and the employer must make a matching contribution usually less than the employee's. Non-corporate employers can adopt any of the plans listed above that corporate employers can, except, of course, those based on stock in the employer corporation stock bonus and ESOP plans.

Contributions for a self-employed owner are based on the owner's self-employment net earnings. For defined benefit plans, a self-employed owner's benefit is based on self-employment net earnings less deductible contributions. In plans such as k s or SIMPLEs where employees defer part of their salary , self-employed owners are deferring part of their self-employment earnings. For employees, deferred salary is excluded from taxable pay; for self-employed owners, deferred self-employment earnings are deducted.

Keogh plans , like comparable corporate plans, must be established by the end of the year December 31 for which you are making the contribution. Once established, you have until your tax return filing date - including extensions - to make the contribution. A SEP may be established by the tax return due date, including extensions, for the year it goes into effect.

Thus, a plan effective for can be created in ; contributions to that plan in will be deductible on the return if designated as for and made by the return due date including extensions. Employee contributions.

These are important elements of many employer plans, allowing employees to make their own tax-sheltered investments within the company plan. Pre-tax "employee" contributions can also be made by self-employed owners, in which case they reduce taxable self-employment earnings. Additional pre-tax contributions are allowed for participants age 50 or over. Employee contributions may also be after-tax. That is, they are not excludable where made by employees or deductible where by self-employed owners but still grow tax-free once invested, until withdrawn.

The contributions come back tax-free; only the earnings are taxed. Employee after-tax contributions may be attached to a plan, such as a k , or be to a standalone plan maybe called a savings plan for employees' contributions alone, or with some employer match. Credit for low-income participants. Credit is allowed whether the contribution is pre-tax credit is in addition to a deduction or exclusion or after-tax. Review plan decisions. Law changes in the recent past, and changes described above that are scheduled to become effective in and after, suggest that business owners should reconsider the type of plan they provide.

Plans most affected are: Money purchase plans. Profit-sharing plans can now shelter as much as money purchase plans, without having to make the commitment required by money purchase plans of regular, determinable contributions each year. Defined benefit plans can be funded faster with tax-deductible contributions, and funded more richly, up to a higher annual pension.

In specific cases this can make them preferable to other plans. Contributions or benefits for higher income participants, including owners, can be increased since rules against plan discrimination in their favor have been eased.

Those lacking tax-favored retirement plans should give plan adoption a new look. Those with such plans already should review the options, and what's required to take advantage of them. Professional guidance is essential and, as pointed out above, encouraged by the law.

Individual Retirement Accounts. An employer may establish IRAs for its employees to which the employees contribute, though this is not usual. Effective starting in , an employer will be able to establish IRAs for employees within an employer plan. But virtually all IRAs are set up by the individual worker, employed or self-employed occasionally for the worker's spouse without involvement of any employer. An IRA is a tax-favored savings plan that allows workers to make contributions with pre-tax dollars where deduction is allowed, see below and defer taxation on earnings until retirement.

The account holder may not use funds to purchase life insurance or collectibles except gold or silver coins issued by the U. IRA contributions up to the ceiling are deductible if neither the taxpayer nor his or her spouse is covered by a corporate or unincorporated retirement plan.

Deduction is limited phases out at prescribed income levels which increase each year where the taxpayer is covered by a plan or where using higher levels the taxpayer's spouse is covered though taxpayer is not. Nondeductible contribution is allowed in other cases, including contribution to Roth IRAs. The variety of plans and related regulations are numerous. The old concept of "two weeks with pay" has given way to a wide variety of paid and unpaid leave plans for all businesses. Among the typical options are Annual leave.

Holidays national and state. Sick leave. Personal leave birthday, other reason of choice. Emergency leave. Compassionate leave funeral, family illness. Religious observance. Community service voting, jury duty, court witness, National Guard, Civil Air Patrol, volunteer fire department. Leave without pay. Leave of absence paid or unpaid. Parental formerly maternity leave.

In a strict sense, paying people for not working is a costly, unprofitable concept. However, time off from the grind is a tradition of the American workplace, and rightly so.

Benefits can far outweigh costs. Among the many benefits for the employee are rest, relaxation, a new perspective, travel, pursuit of hobbies and release from daily tensions. Employers also can observe the performance of employees in new situations, as they fill in for their vacationing coworkers, potentially leading to better allocation of work force talents.

In determining employee eligibility for leave, an employer must find answers to many questions, including the following. How much paid leave time can the company afford per year? How many categories of leave should there be? Can employees carry over unused leave from one year to the next? If so, how much? Are there leave rights during probation?

Who gets first choice of dates in scheduling annual leave? How are conflicts resolved? By seniority? Can employees borrow leave in advance? Are employees eligible for more leave after a certain number of years with the company? Employers must determine when eligibility for leave begins: immediately? Many employers establish a paid annual leave schedule by declaring employees eligible for so many hours leave after they have worked a specified number of hours; for example, two hours leave for every 80 hours worked or one day for so many weeks worked.

Although the vast majority of employees will not abuse time allowed for compassionate, emergency or other leave categories, clear policies should be established on requesting such leave and on its duration. Granting paid or unpaid leave is a costly benefit. Depending on the nature of an employee's work, you may need to require overtime from other employees or hire temporary employees to cover the absence.

Extended leave situations pose special problems. While all employees are usually eligible for benefits such as health and other insurance, retirement plans and leave, key employees have come to expect certain additional benefits related to their increased levels of responsibility. Among the perquisites perks employers may want to consider for top performers and key, or even all, employees are: Company automobile.

Extra vacation. Special parking privileges. Personal expense accounts. Spouse travel on company business. Sabbaticals with pay. Professional memberships. Professional publications. Estate planning. Legal services. Medical expense reimbursement. Physical exercise facilities.

Executive dining room. Tuition programs. Dependent day care on- or off-site. Merchandise discounts. Holiday gifts. Employee assistance programs EAPs substance abuse, debt, interpersonal relationships, psychological, financial, other types of counseling. Service awards. Credit unions. Like basic benefits, perquisites help attract and keep good employees. You can balance the far higher cost of providing some perquisites with expectations of increased production from the employees who benefit.

Key employees responsible for generating contacts for new business should receive consideration for company automobiles, personal expense accounts, professional memberships and publications, club memberships, spouse travel on company business, credit cards, home entertainment allowances, end-of-year bonuses and sabbaticals. Sales staff responsible for keeping current customers satisfied should receive consideration for company automobiles if needed for their duties , credit cards, personal expense accounts, professional memberships and publications, sales commissions, spouse travel on company business and end-of-year bonuses.

You may want to consider employer-employee cost sharing of such pre-requisites as physical exercise facilities, dependent day care, parking and, perhaps, some health screening services.

Before beginning any program of perquisites, check current tax law for treatment of each item: Can you, as the employer, deduct it as a business expense?

Will it become taxable income for your employee? In addition to helping meet employee needs, cafeteria plans also help employers control overall benefit costs. Cafeteria plans offer employees a minimum level or "core" of basic benefits. Employees are then able to choose from several levels of supplemental coverage or different benefit packages. All packages are of relatively equal value, but can be selected to help employees achieve personal goals or meet differing needs, such as health coverage family, dental, vision , tax reduction thrift plans, salary reduction , retirement income pension plans or specialized services day care, financial planning, legal services.

Careful planning and communication are the keys to the success of flexible compensation.