A Study On Tax Services
As start up or small business owner, I am sure you would like to know the benefits that you can offer Your employees. This is essential since you would like to ensure that you are on the right side of the law and at the same time use some of these benefits as "employee Retention" tools while negotiating with new or existing employees. We hope after reading this article you will have a better idea of typical benefits that are offered by employers in US. Statutory Benefits are mandated by law and have to be provided to all employees pay and matched by employer) Workers Compensation provides a benefit to employee who are injured on the job. The coverage is usually purchased through a property and casualty broker along with the business general liability policy. The workers compensation premiums are based on payroll and job classification of the employees. Federal and state unemployment insurance. As the name indicates is an insurance premium that is paid by the employer and is usually a percentage of the total payroll.
In addition some states have additional insurance premiums that are payable the employee. Statutory disability provides an income replacement for those employees who suffer an accident or sickness off the job. In New Jersey employers contribute 0.5 percent of the first $30,300 of the employees, wages during 2012. Non-statutory employee benefits are optional and may be offered to the employees. They typically include. Health insurance: provides reimbursement to employees for medical expenses incurred by them or there family members. Health insurance purchased by the employers is priced on a group basis. The rates will be a function of age and gender without regard to medical condition and/or the employer Groups claims history. Dental insurance provides reimbursement to employees for dental expenses incurred by them or their family members. Dental insurance rates are determined by gender and age.
Group life insurance provides a death benefit to an employees beneficiary in the event of an employees death. Rates are determined by age and gender. Group long term Disability insurance provides reimbursement to an employee who becomes disabled. The benefits is expressed as percent of salary but no greater than a certain maximum. Group short term disability insurance provides supplemental reimbursement above the statutory disability payment to an employee who becomes disabled. Vision plane providers reimbursement for eye exams and glasses/contact lenses. Section 125 plan includes medical reimbursement, Dependent Care and transportation cost. Pension plan(401k profit sharing etc.) Most new companies will select a 401k plan to offer to employees The employer will decide if it will match the employees contribution in some amount.
In addition some states have additional insurance premiums that are payable the employee. Statutory disability provides an income replacement for those employees who suffer an accident or sickness off the job. In New Jersey employers contribute 0.5 percent of the first $30,300 of the employees, wages during 2012. Non-statutory employee benefits are optional and may be offered to the employees. They typically include. Health insurance: provides reimbursement to employees for medical expenses incurred by them or there family members. Health insurance purchased by the employers is priced on a group basis. The rates will be a function of age and gender without regard to medical condition and/or the employer Groups claims history. Dental insurance provides reimbursement to employees for dental expenses incurred by them or their family members. Dental insurance rates are determined by gender and age.
Group life insurance provides a death benefit to an employees beneficiary in the event of an employees death. Rates are determined by age and gender. Group long term Disability insurance provides reimbursement to an employee who becomes disabled. The benefits is expressed as percent of salary but no greater than a certain maximum. Group short term disability insurance provides supplemental reimbursement above the statutory disability payment to an employee who becomes disabled. Vision plane providers reimbursement for eye exams and glasses/contact lenses. Section 125 plan includes medical reimbursement, Dependent Care and transportation cost. Pension plan(401k profit sharing etc.) Most new companies will select a 401k plan to offer to employees The employer will decide if it will match the employees contribution in some amount.