IRS Increases Standard Mileage Rates for Last Half of 2022 For Sherwin-Williams Employees

Company Name	For plan years beginning in	Year	Month	First Segment	Second Segment	Third Segment	Plan Type
Sherwin-Williams	All	2024	May	5.18%	5.41%	5.62%
Sherwin-Williams	All	2023	May	4.91%	5.15%	5.34%

Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, and moving expense purposes for the second half of 2022. The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes is set by statute and remains unchanged.

For July 1, 2022, to December 31, 2022, the standard mileage rates are as follows:

Business use of auto : Our Sherwin-Williams clients may find this particularly beneficial. 62.5 cents per mile (up from 58.5 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used for business purposes. As a Sherwin-Williams employee, your employer from Sherwin-Williams may reimburse you for your business travel expenses using the standard mileage rate. However, if Sherwin-Williams does not reimburse you for your business travel expenses, you cannot currently deduct your unreimbursed travel expenses as miscellaneous itemized deductions.

Charitable use of auto : 14 cents per mile (the same as for January 1, 2022, to June 30, 2022) may be deducted if an auto is used to provide services to a charitable organization if you itemize deductions on your income tax return. We'd like our clients from Sherwin-Williams to note that your charitable deduction may be limited to certain percentages of your adjusted gross income, depending on the type of charity.

Featured Video

Articles you may find interesting:

Corporate Employees: 8 Factors When Choosing a Mutual Fund

Use of Escrow Accounts: Divorce

Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!

Stages of Retirement for Corporate Employees

7 Things to Consider Before Leaving Your Company

How Are Workers Impacted by Inflation & Rising Interest Rates?

Lump-Sum vs Annuity and Rising Interest Rates

Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)

Corporate Employees: Do NOT Believe These 6 Retirement Myths!

401K, Social Security, Pension – How to Maximize Your Options

Have You Looked at Your 401(k) Plan Recently?

11 Questions You Should Ask Yourself When Planning for Retirement

Medical use of auto : 22 cents per mile (up from 18 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons) if you itemize deductions on your income tax return. It's also important that our Sherwin-Williams clients note that you can deduct only the part of your medical and dental expenses that exceed 7.5% of the amount of your adjusted gross income.

Moving expense : 22 cents per mile (up from 18 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used by a member of the Armed Forces on active duty to move, pursuant to a military order, to a permanent change of station (unless such expenses are reimbursed). The deduction for moving expenses is not currently available for other taxpayers.

The IRS normally updates the standard mileage rates once a year in the fall for the next calendar year. Mid-year increases in the standard mileage rates are rare — the last time the IRS made such an increase was in 2011.

How does the Sherwin-Williams Company 401(k) plan work, and what options are available to employees when contributing to their retirement savings through this plan? Understanding contribution limits, investment choices, and employer matches is essential for making the most of your retirement savings. Additionally, what specific actions should employees take to maximize their benefits from the Sherwin-Williams Company 401(k) plan, and how frequently can they adjust their contributions?

In what ways does the Sherwin-Williams Company Pension Plan provide retirement benefits to long-term employees, and what are the eligibility criteria for participating in the plan? Discuss the calculation method for pension benefits upon retirement and the impact of retirement age on the overall financial outcomes for employees in the Sherwin-Williams Company pension plan.

As Sherwin-Williams employees approach retirement, what factors should they consider when choosing between a lump sum payout and an annuity option in the S-W Pension Plan? Exploring the potential benefits and drawbacks of each choice would greatly assist employees in making informed decisions about their financial future with the Sherwin-Williams Company.

How does the Sherwin-Williams Company support employees through financial wellness programs, and what resources are available to employees seeking assistance with retirement planning? Detailing available workshops and online tools to help employees make sound financial decisions will aid those preparing for retirement from the Sherwin-Williams Company.

For employees considering retirement, what are the tax implications of withdrawing funds from the Sherwin-Williams Company 401(k) plan? Discuss any penalties, tax obligations, and strategies for minimizing tax liability. Understanding these elements is crucial in planning for a financially secure retirement.

What procedures do Sherwin-Williams employees need to follow to designate and update their beneficiaries for retirement accounts, and why is this an important consideration? Addressing this question will ensure employees understand the significance of maintaining current beneficiary information and potential consequences of outdated designs.

How can Sherwin-Williams employees access their retirement plan statements and monitor their investment performance, and what tools are provided to help them make informed decisions? Reviewing the platforms and resources available at Sherwin-Williams for tracking retirement savings will empower employees to engage actively with their plans.

What are the specific options for health insurance coverage available to retirees from Sherwin-Williams, and how do these options differ based on years of service or employment status at the time of retirement? Understanding the health benefits can greatly impact the overall retirement planning process for employees of the Sherwin-Williams Company.

How does the Sherwin-Williams Company provide resources and support for employees seeking information on Social Security benefits as they approach retirement age? Discussing the interplay between Sherwin-Williams retirement plans and Social Security can help employees develop a more comprehensive retirement strategy.

What is the process for Sherwin-Williams employees to contact the company for additional support regarding retirement planning, benefits enrollment, and other related inquiries? Offering clear contact details and resources available at Sherwin-Williams will significantly assist employees in navigating their retirement journey effectively.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Sherwin-Williams provides a defined contribution plan for its salaried employees, which includes a pension investment plan (PIP). This plan involves company contributions to an employee's account based on a percentage of their income, which increases with age and service. For union employees, there is a defined benefit pension plan based on years of service and specific contractual amounts. Both plans aim to provide stable retirement income for employees. Additionally, Sherwin-Williams offers a 401(k) plan with matching contributions to further support employee retirement savings.

Financial Performance and Layoffs: Sherwin-Williams reported modest sales growth of 0.5% for Q2 2024. The company is closing its Bedford Heights plant, resulting in 51 job cuts, as part of its efforts to streamline operations and reduce costs. Despite a softer macroeconomic environment, Sherwin-Williams is focusing on maintaining profitability and shareholder value through disciplined capital allocation and strategic market positioning (Sources: Sherwin-Williams, Cleveland.com).

Sherwin-Williams grants RSUs that vest over a period, providing shares upon vesting. Stock options are also available, allowing employees to purchase shares at a set price.

Sherwin-Williams has made significant updates to its employee healthcare benefits to align with the current economic, investment, tax, and political environment. In 2022, the company emphasized enhancing its occupational health and safety initiatives through the "S-W Cares" safety culture program. This program aims to reduce ergonomic injuries and workplace hazards by implementing comprehensive safety action plans and conducting monthly training sessions. These efforts reflect Sherwin-Williams' commitment to creating a safe and supportive work environment for its employees, which is crucial for maintaining productivity and morale. In 2023, Sherwin-Williams continued to build on these initiatives by launching a new data management system to improve reporting and oversight capabilities related to health and safety issues. This system includes dedicated learning and training modules designed to promote continuous improvement in workplace safety. Additionally, the company's sustainability framework highlights the integration of health and wellness programs into its overall strategy. By investing in comprehensive healthcare and safety benefits, Sherwin-Williams aims to attract and retain top talent, ensuring long-term business success and resilience amid economic uncertainties.