The Payroll Factory, Inc. May 2024 Newsletter
Welcome to The Payroll Factory May 2024 Newsletter. This month’s newsletter will address
Educational Assistance Programs (EAP) and an interesting statistic from the IRS
Databook.
Employers with educational assistance programs can help pay
employee student loans through the end of 2025.
These programs normally have paid for books, equipment, supplies, fees
and tuition. The CARES Act added a
student loan payment up to $5,250.00 as a temporary benefit an employer can
provide Those payments can be made directly to the lender or the employee. Another feature of the EAP is an employer can
exclude up to $5,250.00 from an employee’s gross income for qualified
educational expenses.
The IRS Databook recently came out with Fiscal 2023
statistics showing employers submitting employee taxes to the US Treasury was
68.5% of all federal revenue. The dollar
figure came to $3.2 trillion out of 4.7 trillion paid into the US Treasury.
As always “whatever it takes, “I Look forward to working
with you, your associates and above all your clients. Thank you very much.
Sincerely,
Steve Sabel
Senior Account Relationship Manager
The Payroll Factory, Inc.
18 East Lancaster Avenue
Malvern, Pennsylvania 19355
267-907-4179 cell
steve@prfusa.com
www.thepayrollfactory.com
