Benefits and HR

It's more than just payroll. We want to provide your business with the benefits and tools to keep your employees productive and happy, while simplifying your workload. Our services are designed to give you better solutions to run your business!

Solutions include:

New Hire Reporting (included with your payroll) Workers' Compensation (Paid As You Go)

Section 125 "POP" Plan Flexible Spending Accounts

Workers' Compensation - Paid As You Go

Managing cash flow is a top priority for any small business owner. With Newtek's EasyChoice Workers' Compensation, you'll have a new tool to improve your cash flow and better manage your expenses. This convenient payment program offers insurance premiums to be paid on a per-payroll basis.

It eliminates any upfront deposits, and it helps avoid any year-end audit surprises, since premiums are based on actual payroll rather than on estimates.

With EasyChoice, you receive high-quality workers' compensation coverage from one of the nation's leaders. Their licensed consultants are knowledgeable about your state's insurance requirements and they can tailor a policy to your specific business needs.

Benefits:

• No large up-front deposit premiums
• No large year-end audit surprises
• No finance charges
• Enhanced cash flow
• Competitive insurance rates
• Responsive service from knowledgeable experts
• 24-hour toll free customer service
• A cost containment program

Pretax Plans

It's Like An Instant Raise!
Created by Congress during the 1970's, pre-tax plans are one of the smartest things a company can utilize to save their employees and themselves money! These plans allow for the use of pre-tax money to pay for specific medical expenses, as well as certain benefits. Newtek Payroll Service Pretax Plans are powered by MHM Resources, a 20 year industry leader. Plans typically come in the following two basic forms.

Premium Only Plans
POP's reduce employee and employer taxes. By paying their share of group insurance premiums with tax-free dollars, employees save 25% to 40% depending on their tax bracket. Employers typically save on the matching Social Security (FICA) and Federal unemployment taxes of nearly 8%. In many cases, the employer's tax savings can actually pay for the plan administration!

Flexible Spending Account Plans
Sometimes referred to as cafeteria plans, flex plans, section 125 plans, or FSA's include the benefits of a POP, and let employees set aside a certain amount of each paycheck into a healthcare/daycare/transportation reimbursement account -- before paying income taxes.

During the year, participants have access to this account for reimbursement of expenses -- not covered by insurance -- that they regularly pay for, such as:

• Deductibles, co-pays, and other eligible expenses not covered by insurance
• Prescription drugs and medical supplies
• Over-the-counter drugs that are medically necessary like allergy medications, aspirin, or antacids
• Dietary supplements with doctor's letter of medical necessity
• Dental services, orthodontics, and dentures
• Eyeglasses, contacts, solutions, and eye surgery
• Weight-loss programs with doctor's letter of medical necessity
• Weight-loss over-the-counter drugs with doctor's letter of medical necessity
• Chiropractic services
• Vitamins with doctor's letter of medical necessity
• Psychiatric care and psychologist's fees
• Smoking-cessation programs
• Smoking-cessation over-the-counter drugs
• Adult and child daycare services
• Adoption expenses
• Transportation and parking expenses (Section 132 Plan)

When employees use tax-free dollars to pay for these expenses, they realize an increase in their spending power, and big tax savings.