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Should health insurance be deducted from paycheck before or after taxes?
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 with our payroll checks.
(MCCain wants to change that).
My employer said it is not.
I believe there is a scam that my employer is doing with our payroll checks.
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What are the regular taxes and deductions from your monthly paycheck?
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.
Should social security be deducted from paycheck before or after health insurance is deducted?
Before
What is health insurance deductible?
That's the amount of money you have to pay before the insurance company will pay anything. Sometimes it's $500 sometimes it's much higher.
Can a Self employed person deduct health insurance premiums on their taxes?
Yes, beginning in tax year 2010, you can deduct health insurance premiums when arriving at income subject to SE tax.
Can health premiums in paychecks be deducted on federal income taxes?
Generally, health premiums are deducted before-tax. This means that when you get your W-2 at the end of the year, the amount taken out for health premiums will already be dedu…cted from the total wages shown in Box 1. You put the total wages down on your tax return. This means that the health premiums are automatically deducted from your taxable wages with no special action required on your part. You cannot claim a second deduction since the premiums have already been deducted from the amount of your taxable wages shown in Box 1 of Form W-2. If you participate in some sort of health plan where deductions are made after-tax, that is the premiums have not already been deducted from the total shown in Box 1 of your W-2, then in that case you can claim a deduction of part of your health care deduction on Schedule A.
Can I have my life insurance deducted from my paycheck pre-tax?
No. method of payment does not change the taxability of the premium.
Why is Medicare taxes deducted from your paycheck?
Because that is how Congress decided to pay for the Medicare program.
When did health insurance expenses become tax deductible for businesses in the US?
It was an officially recognized practice beginning in 1943 during the War effort. Companies were finding it difficult to attract enough workers because of the limitations on w…ages imposed on them by the government. The companies began offering to pay health insurance expenses for their employees as a way to attract more employees since they couldn't increase their wages. In 1943 the IRS recognized this. In 1954 Congress codified this practice into the tax code..
Portions of contributions that may be more more of a discussion or opinion in nature have been moved to the discussion page.
Why is your employer not deducting income tax from your paycheck?
Federal and state taxes should be deducted by your employer based on how you filled out your Form W-4 when you were hired. If you claim too many exemptions on your Form W-4 …it may result in no federal taxes being withheld. If you need to change the amount being deducted, you will need to fill out a new Form W-4. Contact the IRS or state tax agency for help in filling out your Form W-4. If you need a different Form W-4 for your state taxes, you may fill one out and write "State only" on the top before giving it to your employer. If your employer is refusing to withhold taxes from your pay, you can contact the IRS and submit a Form W-4 directly to them. This notifies the IRS that your employer is not complying with the law. If you are classified as a independent contractor, anyone who hires you does not make any payments on your behalf. Independent contractors are responsible for making estimated payments for their federal and state income taxes and Social Security taxes. They are also not eligible for unemployment. If you are concerned that you should not be an independent contractor, you should contact your state's employment department to determine if you are really an independent contractor or an employee (and your employer is illegally trying to save money by not classifying you as an employee).
What form must be filled out before an employer can deduct taxes from your paycheck?
Each country has its own legislation regarding employment law. It would be necessary to identify the particular laws of the country which apply, then comply with the requireme…nts stated.
Before an employer can deduct taxes from your paycheck this form must be filled out?
The W-4 FORM Employee's Withholding Allowance Certificate Go to the IRS gov website and use the search box for W-4
Can you deduct your health insurance premium on your 2009 federal tax?
If you itemize your deductions, you pay for your health insuranceyourself with after tax funds, or if you are self employed you maybe able to deduct part or all of it in 2009.…
Answered
What percentage should you deduct from from your paycheck?
You NEVER do have any deductions for federal taxes or other items from your net take home paycheck when it is issued to you. You do NOT have any set percentage amount for this… purpose. You could have some other amounts beside the taxes that your employer payroll department would be required to calculate and withhold from your gross salary earnings before the payroll department would be able to issue you your net take home paychecks. You should ask the payroll department for some numbers because they would be the only one that would know all of the different amounts that they will be required to withhold. The amount of taxes that are withheld during this earning period is the same as estimated tax payments and if too much is withheld you will receive the over withheld amount back as a refund once your 2010 1040 federal and state income tax return is completely correctly and filed to the correct IRS address. If not enough federal and state income were withheld then you will end up owing some more taxes when the income tax returns are completed correctly and you will then have send the owed amounts with the income tax returns when they are filed in the year 2011.
Answered
Can you claim health insurance as a tax deduction if on cafeteria plan?
No, you cannot claim a tax deduction for health insurance if you are paying for the plan through an employer's "cafeteria plan". The cafeteria plan is taking the money from yo…ur paycheck before any taxes are applied, so you are already getting the cost paid with tax-free dollars. You cannot claim it twice.
Answered
Is a health insurance rider tax deductible?
I think you maybe using the wrong verbiage here? Usually the term "Health Insurance Riders refers to exclusions for Pre-existing conditions that are excluded from your policy!… Do you mean Health Insurance Premiums? Premiums are the amount you pay monthly or yearly to be insured. If you mean premiums they are tax deductible for some people, but deductions all depend on your income level, tax bracket, and several other factors that your CPA should help you with. Because what is deductible for one is not deductible for all!
Answered
What are the tests applied to the deduction of health insurance premiums from your taxes?
A percentage of your health insurance premiums may be used as a credit if that meet the percentage of your gross income as spelled out in the tax code. All very complicated.
Answered
Is sales tax deducted from your paycheck?
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.