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S/be Non Taxable. I thought one of the things on the table for Obama Care would be to tax Employee Medical Contributions.
I am looking at a W2 for the last two years and it is taxable in both years. Is this legit?
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∙ 11y ago
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Are Social Security Administration taxable wages reduced by pretax deduction?
It depends on the deduction. Most common deductions such as medical premiums reduce SS taxable wages. But salary-deferal types of deductions do not. For example, employee contributions to a 401lk or Simple IRA do not reduce SS taxable wages.
Taxes on employee life insurance?
Gets a little complex/weird: Basically up to a certain amount @50K a year is a non taxable employee benefit. Then any amount above the amount determined by an IRS formula as what a normal premium would be, for that persons age & gender, etc., is to be included in taxable income...with any contributions to that premium the employee made able to offset the inclusion. (So, ya get 50K for free and pay either tax on the value of the policy or premium on the policy through employee contributions/election).
Are long term disability payments taxable if employee pays for coverage through their company?
You should consult with a tax specialist, but generally employer paid disability insurance benefits are taxable.
Can a company refund excess contributions made by an employee to a flexible spending cafeteria plan to that employee as taxable income the following year?
No. Your consequences for the overpayment will be reported and you will have to file an amendment for the year in which the overpayment occurred.
Does Employee Provident Fund attract any income tax at source in India managed by a trust?
No. All contributions to the Employee PF account are non-taxable. However, note that if you withdraw your PF corpus before completion of 5 full years of service, the amount withdrawn is fully taxable
Is key man insurance taxable to the person covered as is the case on group-term life insurance paid by an employer's company over 50K?
Key person life insurance is coverage on the life of a key employee and payable to the employer upon that employee's death. The purpose is to protect the company from the financial loss associated with the loss of the employee. Since the employee in no way benefits from a key person life insurance policy, there are no tax consequences to the employee.
Will the cost of employer-paid health insurance will be included as income on w-2 tax forms in 2011 - 81k?
Not as taxable income on the W-2 form for in 2011 but as information to the employee about the amount of premiums that the employer is paying for the employee medical insurance premiums.But by the tax year 2013 it may be possible that it will be included in the gross income amount as taxable income to some recipients. Bill Summary & Status 111th Congress (2009 - 2010)H.R.3590Click on the below Related Link or go to the THOMAS.LOC.gov website
Does deferred compensation become non- taxable after death of employee?
Many deferred compensation plans have a death benefit/life insurance element. Typically the death benefit insurance is paid for by the employer. In most situations the company does not take an expense for this and the employee does not take it into income, therefor the benefit is being paid for with dollars that have not been taxed. Thus making the death benefit taxable to the beneficiary.
If an employee steals from his employer can this amount be added to the employee's wages as taxable income?
This money cannot be added to the employee's wages as taxable income. This money is not theirs and should be reported to the police.
Is vehicle insurance taxable?
No.
Are US life insurance policies taxable?
As a general rule, life insurance policies in the US are not taxable. However it is taxable if it is combined with a non-refund life annuity.
If i receive life insurance for deceased husband is it taxable?
No but what you do with the money may be taxable.
