What would you like to do?
Can I have my life insurance deducted from my paycheck pre-tax?
No. That's why the proceeds aren't taxed as income. Answer Correct...premiums are taxable. Death benefits are generally not taxed as income. Also if it is permanent life insu…rance policy and has some cash value built up and you take that cash out, the amount of cash less the premiums paid into the policy ("your gain") is taxable. Additional comment: Actually, if you take your cash value out as a loan, you do not have to pay taxes on "gains" as long as the life insurance is in place, hopefully until you die.
Generally, the premiums are not deductible, and benefits would not be taxable income.
Social security and medicare.
Normally it is before...it is a non taxable fringe benefit. (MCCain wants to change that). My employer said it is not. I believe there is a scam that my employer is doing wi…th our payroll checks.
NO. Life insurance premiums would NOT be deductible on your 1040 federal income tax return.
If you are referring to a MEDICAL/HOSPITALIZATION insurance co-pay, yes, that is deductible as a medical expense. And on property/casualty insurance, it may be deductible as a… casualty loss.
No The employer may not deduct taxes from your paycheck if you are under 18 unless you give them permission to do so, If they have done this to you make sure to talk to someon…e about it your entitled to get that money back.
Answer No. Under Section 51(1) of the Internal Revenue Code, the general rule is that interest payments on a loan used to fund a life insurance policy are not deductibl…e. Congress considers life insurance a highly tax privileged form of investment and declines to afford this additional benefit.
Probably the OASDI (FICA) (social security and medicare taxes) all mean the same tax. The maximum social security contribution limit is 6621 No limit on the amount of earn…ed income that is subject to the medicare tax rate of 1.45% of gross income. If you are a self employed taxpayer then you are responsible for all of your own FICA self employment taxes of 15.3% plus any income taxes on your net profit from your business operation at your marginal tax rate. For those with well above average income, the Federal income tax withholding may be far more than FICA; FICA is capped, but income tax is not.
Answer . This will depend upon several variables such as the State you live in, the amount of pay and your companies optional elections.\n. \nHere's few items that you can… almost always expect (unless you just make too little):\n. \n1. Federal Income Tax - This is based on a calculation that takes into account the frequency of your pay and the amount of the pay.\n2. Medicare - This is a set amount that will always be applied to your pay.\n3. Social Security - This is a set amount that will always be applied to your pay, however it does have an annual maximum.\n4. Insurance - If you company offers health insurance and you have agreed to the terms, generally a set amount will be applied.\n5. 401k, IRA, Retirement - If your company offers a type of retirement deduction program then this amount will be applied.\n6. Uniforms, loans, etc. - Some companies that require their employees to purchase uniforms will purchase the uniforms for the employee and then charge that amount back to them at a set amount per pay check. This can be also for employer granted loans and/or to pay back advances on previous pay.\n7. State Income Tax - Some stated have an income tax. If you live and/or work in a state that does, then this amount will be deducted as well.\n. \nIf you have deductions that you do not understand or do not think you have agreed to, then you should consult with your supervisor as soon as possible.\n. \nHope this helps.
Because that is how Congress decided to pay for the Medicare program.
No they are not or the death benefit would be taxable. Since you said mortgage insurance I am assuming that you mean PMI or Private mortage insurance and not mortgage lif…e insurance. Yes, mortgage insurance is tax deductible as of 2007. You can see the amount of PMI paid for the year on the final escrow statement that your mortgage lender sends you in December or January.
Insurance for one's personal property such as auto or homeowner's insurance is tax deductible. Other tax deductible insurances are medical and dental insurances.
Yes, but it might not be a good idea as then the benefit would be taxable. Are you talking about YOUR coverage or for your employees? for more info see www.steveshorr.com/life….htm
Answer Most non-reoccuring closing costs can be deductible on your taxes. Check with your accountant or tax preparer for detailed information.
Many taxes are deducted from your paycheck, but sales tax is not one of them. Sales taxes are collected by a merchant at the point of purchase of most goods and some services.… The merchant remits the sales taxes to the state on your behalf. Occasionally, you many not pay sales taxes at the time of purchase, as in when you make a purchase online from a merchant in another state. In those cases, you would owe a use tax to your state which is usually paid when filling out your annual state income tax return.