FYI: Washington Paid Family and Medical Leave

FYI: Washington Paid Family and Medical Leave

The WPFML is a new mandatory insurance program administered by the Employment Security Department.  The program gives eligible employees access to up to 12 weeks of paid leave to recover from a serious illness or injury, bond with a new child, or care for an aging parent or ill or injured family member.   They may receive up to 16 weeks if they have events covered under both family and medical leave in the same qualifying period. What do the benefits cover? Paid Family and Medical Leave benefits can only be disbursed to those who have a qualifying family or medical…
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What retirement accounts can I have?

What retirement accounts can I have?

What Retirement Accounts are Available for Someone Who is Self-employed or a Small Business Owner? Well…it depends (you knew that was coming right?). Before giving an answer, I always ask: How many employees do you have? Are you an S-Corporation? How much do you want to contribute to your retirement accounts? Do you want as simple a solution as possible? Three types of accounts work best for small business owners or freelancers: Simplified employee plan (SEP) IRA Solo 401(k) Simple IRA                     *less half of your self-employment tax   What does…
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When Am I Required to Provide Health Insurance to Employees?

When Am I Required to Provide Health Insurance to Employees?

As you likely know, the Affordable Care Act (ACA) added requirements for employers to provide health insurance to employees if employing a certain number of full-time employees. According to various provisions of the ACA, a full-time employee is defined as anyone working around 30 hours per week. You do need to look at part-time employees as well since they can add up to full-time employees. If you have over 50 employees, you are considered a Large Employer and are required to provide health insurance benefits. In this case, we recommend speaking to an agent to discuss the specific requirements that…
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