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MyW2

MyW2Employer

Contract Professionals:   About MyW2 Rate Calculator Back Office Services    Benefits Optional Benefits FAQs Contact Us Client Companies: About MyW2 Rate Calculator FAQ Contact Us Add To Favorites American Marketing Association neither recommends nor endorses this service, which is provided as a benefit to our members. American Marketing Association is not responsible for the success of this third-party service.

Optional Benefits Available only to full-time MyW2 Employer contract employees (billing at least 25 hours per week). Group Medical Insurance Cost - Premium is based on the type of plan selected and is not based on pre-existing medical conditions. Premiums will be paid tax-free from the billings collected. If independent medical insurance is chosen, tax-free reimbursements will be received - up to the comparable amount available through MyW2Employer - to pay individual premiums. Qualification - Guaranteed Issue - Contract employees cannot be denied coverage because of pre-existing medical conditions; however, pre-existing conditions may be excluded for one year if there is a lapse in coverage. Expense Reimbursement - May also be reimbursed with tax-free dollars for out-of-pocket co-pays, deductibles, and other non-covered medical expenses through MyW2Employer's optional Flexible Spending Account (see below for details). New Contract Employees - Coverage begins on first day of the month following the first 30 days of employment. Insurance Provider - MyW2Employer participates in CareFirst's Preferred Provider Network (PPN). A majority of doctors/hospitals nationwide are members of CareFirst's network. Visit www.carefirst.com for more information and a list of participating doctors and hospitals. Coverage - Benefits are paid at 80% In-Network and 60% Out-of-Network. Group Dental Insurance Cost - Premium is based on the type of plan selected and is not based on pre-existing dental conditions. Premiums will be paid tax-free from revenue collected. Qualification - Guaranteed Issue. Expense Reimbursement - May also be reimbursed with tax-free dollars for out-of-pocket co-pays, deductibles, and other non-covered dental expenses through MyW2Employer's optional Flexible Spending Account (see below for details). New Contract Employees - Coverage begins on first day of the month following your first 30 days of employment. Insurance Provider - MyW2Employer participates in CareFirst's Traditional Dental Plan. Coverage - There is no waiting period for major services (many other plans have waiting periods of up to 12 months), and no paperwork to file when using a network provider. Benefits are paid at 80% for preventive service and 50% for restorative services. Group Vision Insurance Cost - Premium is based on the type of plan selected and is not based on preexisting vision conditions. Premiums will be paid tax-free from revenue collected. Qualification - Guaranteed Issue. Expense Reimbursement - May also be reimbursed with tax-free dollars for out-of-pocket co-pays, deductibles, and other non-covered vision expenses through MyW2Employer's optional Flexible Spending Account (see below for details). New Contract Employees - Coverage begins on first day of the month following 30 days of employment. Insurance Provider - MyW2Employer participates in CareFirst's Select Vision Plan. Coverage - There is no waiting period for major services (many other plans have waiting periods of up to 12 months), no paperwork to file when using a network provider, and full coverage for comprehensive vision exams, contact lenses and frames (if choosing from a special frame display). Flexible Spending Account Description - Full-time contract employees may choose to use the MyW2Employer Flexible Spending Account and elect to have a certain amount of gross wages deducted from each paycheck to be used for non-covered medical/dental/vision expenses and/or dependent care. Savings Amounts - May have up to $2,400 per year deducted tax-free for non-covered medical/dental/vision expenses and up to $5,000 per year deducted tax-free for dependent care expenses. Expense Reimbursement - Eligible medical/dental/vision expenses include all insurance co-pays, deductibles, and other non-covered expenses for employees and their eligible dependents. For eligible medical/dental/vision expenses, reimbursement claims can be submitted for up to your designated yearly deduction amount in advance of the actual paycheck deduction. Eligible dependent care expenses include payments to a qualified dependent care individual or organization. For dependent care, reimbursement amounts are based on the funds available in your FSA account at the time of the reimbursement request. 401(k) Retirement Savings Program Description - The MyW2Employer 401(k) Retirement Savings Program through Transamerica enables full-time contract employees to contribute up to 25% of W-2 earnings - tax-free - into a self-directed retirement savings program, with a maximum elective contribution of $12,000 per year plus an additional $2,000 "catch-up" contribution for individuals age 50 and over. The annual fee for the 401(k) plan is included in the 5% MyW2Employer administrative fee - so there are no additional costs for participation. Investment Options - Funds are invested based on the level of risk the contract employee is willing to assume, and all investment growth is tax-deferred. Fund Allocation Changes/Statements - Contract employees have access to a confidential 401(k) account via the Internet that allows fund allocation changes at any time. Quarterly hard copy account/fund status reports and pay stubs reflect the amount deducted each payroll for the 401(k) plan. Qualification - There is a 3-month waiting period to qualify; dates of entry are January 1 and July 31 each year, and all contributions are immediately vested. Optional Services: Deferred Income - All deferred income must be paid by the end of each calendar year. Per Diems - If working on a contract engagement at least 50 miles away from a legal residence, MyW2Employer contract employees may be eligible to receive tax exempt per diem payments that cover lodging, meals and incidental expenses while away. Per diem payments do not require actual receipts for those expenses if they are less than the per diem limits as provided by the IRS. Per diems may be provided on all assignments that are less than one year in duration. The IRS allows tax-exempt per diem payments for normal living expenses if working away from home on a temporary assignment that is contractually limited to less than one year. If it is determined that any portion of the per diem expenses claimed are in violation with IRS regulations, that portion will be taxed as ordinary income. Expense Reimbursement - MyW2Employer will reimburse for qualified business expenses that normally written off on an IRS Schedule C. Reimbursed expenses must qualify as legitimate business expenses and are exempt from taxes. Acceptable business expenses that are reimbursable include: meals and entertainment (reimbursed at 50%), communications, marketing/promotional, general office supplies, professional membership dues and other travel expenses not covered by the per diem reimbursement.