Yes. You do not have to wait for open enrollment to make changes to your 403(b). To make changes, you have to submit a completed Salary Reduction Agreement Form [SRA].

Yes, you can make contributions to both a designated Roth account and a traditional, pre-tax account in the same year in any proportion you choose. However, the combined amount contributed in any one year is limited by the 402(g) limit - $15,000 for 2006 ($15,500 in 2007 plus an additional $5,000 in catch-up contributions if age 50 or older).

If your employer provides a salary reduction plan (also called a "Section 125" or "cafeteria" plan), you can make contributions to your HSA on a pre-tax basis. Once you claim this tax advantage, you can no longer take the "above-the-line" deduction.

Ask the employee to complete a Voluntary Contribution form and include the amount deducted in each month's contribution payment to AustralianSuper. Keep a copy of the employee's completed form on file. The form is available as a download from this website.

No. The University's retirement plan does not provide for Contributions to be made on an after-tax basis.

To correspond with your costs of leasing or buying a PC, you and your employee may agree to a reduction in your employee's salary equivalent to that cost. This is a salary sacrifice: it is a reduction in gross pay and requires some form of contractual agreement with your employee to effect it. Salary sacrifice contracts do not fall under tax law, but the Inland Revenue may audit the arrangements to determine whether the sacrifice is genuine.

If your employer offers a “salary reduction” plan (also known as a “Section 125 plan” or “cafeteria plan”), you (the employee) can make contributions to your HSA on a pre-tax basis (i.e., before income taxes and FICA taxes). If you can do so, you cannot also take the “above-the-line” deduction on your personal income taxes. You may be able to claim the medical expense deduction even if you contribute to an HSA.

Most employers report pre-taxed contributions, which are tax-deferred. Your Annual Statement will indicate the amount of your pre-taxed contributions as well any amount of post-taxed contributions. Post-taxed contributions have already been taxed.

In the context of this scheme it means you give up some of your gross salary in return for use of your chosen PC package. It does not affect any of your benefits that the company pays, since these will be calculated on your original gross salary.

A salary sacrifice happens when an employee gives up the right to receive part of the cash pay due under his or her contract of employment. Usually the sacrifice is made in return for the employer’s agreement to provide the employee with some form of non-cash benefit e.g. childcare. The "sacrifice” is achieved by varying the employee´s terms and conditions of employment relating to pay and an actual reduction to gross basic pay occurs as a result.

Your contributions are made with after-tax dollars, as you are not permitted to claim an income tax deduction for your contributions. This means that any portion of future withdrawals that represent your contributions will come out tax-free even if the earnings portion is taxable.

Qualified flexible benefit programs allow employees to pay for certain eligible benefits with pre-tax dollars. This means that contributions are made before any (okay, almost any...to that in a moment) income and payroll taxes are calculated and deducted. On the federal level this translates into no FICA, Medicare, Federal Unemployment, or income tax. The FICA and Medicare savings apply both to the employee and the employer.

Employees who are basic rate or higher rate taxpayers acquiring a computer for home use through an HCI scheme can expect to have use of a full computing system at a greatly reduced cost, through savings in NI contributions and personal income tax.

If your employer offers a “salary reduction” plan (also known as a “Section 125 plan” or “cafeteria plan”), you (the employee) can make contributions to your HSA on a pre-tax basis (i.e., before income taxes and FICA taxes). If you can do so, you cannot also take the “above-the-line” deduction on your personal income taxes. You may be able to claim the medical expense deduction even if you contribute to an HSA.

The employer does not have to begin the makeup contributions until after the veteran returns to civilian employment with the same employer. The employer's makeup contribution period is equal to three times the period of qualified military service - not to exceed five years.

A rehired veteran has up to three times the period of service - not to exceed five years - to make up missed employee contributions. The amount of makeup contributions is subject to the limits that would have applied during the military service period. Return to List of FAQs

Depending on the current benefits offered, salary sacrifice might impact the employee's entitlement to, for example, pension benefits. You might choose to review bonus and other non-statutory arrangements ? for instance, by maintaining some form of shadow payroll, to ensure the employee's salary sacrifice remains commensurate with your costs in running the HCI program. Schemes don't require individual Revenue approval as long as they're implemented in line with the legislation.

Yes. A spouse who does not earn income can contribute up to $4,000 ($4,500 if you are age 50 or older in 2005 and $5,000 if you are age 50 or older in 2006) to a Traditional IRA and deduct the entire contribution from income reported on a joint tax return if the couple's combined adjusted gross income (AGI) is less than or equal to $150,000. If the couple's AGI is between $150,000 and $160,000, the spouse's contribution may be partially deductible.