New Jersey Minimum Wage Increases: Compliance Reminder
On January 1, 2022, the minimum wage for most employers in New Jersey will increase to $13.00 per hour. For seasonal and small employers (those with five or fewer employees), the minimum wage will increase to $11.90 per hour. Agricultural employers must pay at least $10.90 per hour. Employees who provide direct care at a […]
IRS Announces Changes to Retirement Plans for 2022
Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may affect pension plan and other retirement-related savings next year. Highlights of Changes to Retirement Plans for 2022 The contribution […]
2022 Health FSA Contribution Cap Rises to $2,850
In 2022, the Health FSA contribution cap will rise, impacting all businesses in New Jersey. Employees can put an extra $100 into their health care flexible spending accounts (health FSAs) next year, the IRS announced on Nov. 10, as the annual contribution limit rises to $2,850, up from $2,750. But with open enrollment for the […]
IRS Announces 2022 Limits for HSAs and High-Deductible Health Plans
Health savings account (HSA) contribution limits for 2022 are going up $50 for self-only coverage and $100 for family coverage, the IRS announced May 10, giving employers that sponsor high-deductible health plans (HDHPs) plenty of time to prepare for open enrollment season later this year. The annual inflation-adjusted limit on HSA contributions will be $3,650 for […]
