October 2020

Health FSA Limit will Remain the Same for 2021

ACA, health, Health Insurance, In The Know, Taxes
October 30, 2020
Penniall Insurance Services

The Affordable Care Act (ACA) imposes a dollar limit on employees’ salary reduction contributions to health flexible spending accounts (FSAs) offered under cafeteria plans. This dollar limit is indexed for cost-of-living adjustments and may be…

2021 State Minimum Wage Rates

Benefits, In The Know, Taxes
October 16, 2020
Penniall Insurance Services

The current federal minimum wage rate is $7.25 per hour. However, many states have adopted minimum wage rates higher than the federal rate. When the state rate and the federal rate are different, employers must…