FAQs

What will this new Tax Savings Program do for my company?

2022-01-13T21:02:05-05:00

Suncoast Advisors Group has now partnered with industry leaders in participatory compliant wellness healthcare programs, to save employers an average of $525 up to $700 per year per employee on their Payroll/FICA taxes. This reduction takes effect on the first payroll run after plan implementation and is NOT an end of year tax deduction.  In [...]

What will this new Tax Savings Program do for my company?2022-01-13T21:02:05-05:00

What are the qualifications to participate in this program?

2022-01-13T21:02:20-05:00

Employees must average 30 hours per week or average 130 hours per month, consistently, to qualify for this program. Employees that are receiving a subsidy through a State or Federal exchange are not eligible because it would mean double-dipping. Owners of the company, including their spouse also do not qualify for this program unless their [...]

What are the qualifications to participate in this program?2022-01-13T21:02:20-05:00

How does this program affect my Social Security for retirement?

2022-01-13T21:04:26-05:00

Any pre-tax reduction in employee’s adjusted gross income will lower the amount of payments to Social Security. We recommend purchasing whole life insurance that builds cash value which can be withdrawn down the road tax-free to offset the reduction in Social Security.  The Flex Credits can be used that in almost all cases will provide [...]

How does this program affect my Social Security for retirement?2022-01-13T21:04:26-05:00

What is the benefit to the Employer and to the Employee?

2022-01-13T21:04:46-05:00

The employee's income subject to payroll taxes is reduced by participation in the wellness plan through a Section 125 or Cafeteria Plan which also reduces the matching FICA tax obligations of the employer. Participating employees then purchase a post tax, self-funded, limited benefit indemnity medical plan. You save money and there is no reduction in [...]

What is the benefit to the Employer and to the Employee?2022-01-13T21:04:46-05:00
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