Your company needs health to succeed.A Q&A with Ted Aldershof, CPS (1) (Characters Per Second) The measurement of the speed of a serial printer or the speed of a data transfer between hardware devices or over a communications channel. CPS is equivalent to bytes per second. , RFC (Request For Comments) A document that describes the specifications for a recommended technology. Although the word "request" is in the title, if the specification is ratified, it becomes a standards document. Q: What are the benefits of providing health insurance to my employees? Aldershof: It's no secret that employees value health insurance benefits. Surveys have shown that workers value health insurance coverage second only to monetary compensation. By offering group health insurance benefits to your employees, you may find it easier to hire and retain the best workers for your company. As a business owner, you may not have health insurance coverage yourself. Perhaps you've consider shopping for an individual health insurance plan for yourself and your family, but did you know that by obtaining insurance through a company, you may get better rates than through the individual market? Additionally, there are various tax incentives available to you and your employees when you participate in a group health insurance plan. For example, business can generally deduct de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. 100% of the premiums they pay on qualifying group health plans and, by offering group health insurance as part of a total compensation package; you may be able to reduce payroll taxes Payroll Tax Tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee. In most countries, including the U.S., both state and federal authorities collect some form of payroll tax. . Plus, your employees can pay their portion of the monthly insurance premium with pre tax dollars. Make sure that you take these incentives into consideration when determining the affordability of a health insurance plan for you and your employees. Q: As the employer do I have to contribute 100% to the employee premium? Aldershof: An employer does not have to contribute 100% of the employee premium. Q: How do I know if my company qualifies for group health insurance coverage? Aldershof: Your company consists of at least two full-time owners, officers, partners and/or employees, as verified ver·i·fy tr.v. ver·i·fied, ver·i·fy·ing, ver·i·fies 1. To prove the truth of by presentation of evidence or testimony; substantiate. 2. by officially state quarterly wage and tax statements DE- de- word element [L.], down; from; sometimes negative or privative, and often intensive. de- pref. 1. Do or make the opposite of; reverse: decomposition. 2. 6 or annual federal tax return. Your company is a legitimate business entity as verified by the following documents: * A business license or fictitious name Noun 1. fictitious name - (law) a name under which a corporation conducts business that is not the legal name of the corporation as shown in its articles of incorporation DBA, Doing Business As, assumed name filling (proprietorships and partnership) * Articles of incorporation The document that must be filed with an appropriate government agency, commonly the office of the Secretary of State, if the owners of a business want it to be given legal recognition as a corporation. (corporation) * Articles of organization (limited liability company) For more information on Employee Benefits, Group Health Insurance Services or how to provide The Integration of Benefits Plan for your employees please contact Ted Aldershof, CPS, REC of Spectrum Benefits Group at 1-800-710-0077 or via www.ted@spectrumbenefits.com |
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