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American Payroll Association (APA) Basic Guide to Payroll, 2013 Edition
It's more important than ever to be in compliance with payroll laws and regulations! How do you stay in compliance and avoid penalties? The APA Basic Guide to Payroll is written to make understanding the laws and regulations as easy as possible. And this single-volume guide is filled with tools to help you apply the law and make proper calculations – with ease!
Puerto Rico has established Health Savings Accounts (HSAs), which will allow contributions to the account to be exempt from personal income tax, and will apply to the taxable years that commence on and after January 1, 2009. Under the HSAs, the insured will choose the provider and/or health service that they want to receive payment and will pay for those services with the funds that had accumulated in their HSA, covering up to the total annual deductible. The employee and the employer both may make contributions to the HSAs. Once the insured has covered the high annual deductible, either charging the expenses eligible for medical attention to the funds in the HSA or with another source of funds, coverage from the traditional medical plan will begin.
The HSAs will allow annual contributions that are not considered income received by the taxpayer, that are deductible when taxed, and after the first year are converted into a savings vehicle with tax benefits. Upon reaching the age of 65 years, the owner of the HAS may withdraw the accumulated funds and use them for any purpose (it does not require a medical expense) without having to pay penalties, but will pay tax on the withdrawn amount. Amounts deposited in a health savings account beyond the limits for each year are subject to a 6% penalty. (Act No. 156 of August 4, 2008, effective immediately.)
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