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The definition of pretax simply means before taxes are deducted. The benefits of having other deductions taken off one's pay pretax is that one will pay less income tax, leaving more cash in one's paycheck.
Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
FSA Flexible Spending Account: A voluntary plan set up with your employer to withhold a portion of your paycheck, pretax, to pay for approved health care expenses
Employee and/or employer contribute money to an individual retirement account. The employee is responsible for choosing how these contributions are invested and how much to contribute form their paycheck through pretax deductions.
Pretax Group's population is 1,100.
Pretax Group was created in 1944.
The word pretax can be used either with or without a hyphen.
Disability Income is taxable if your employer paid the premiums for the Disability Insurance or if you paid it through a pretax plan. The best way to know if you have to file the income is if you receive a Tax form such as a 1099 or a W-2 form showing the amount then you will have to file this as income. Disability income is not earned income for the purposed of Earned Income Credit and such.
what effect do pretax salary reductions have on the federal income tax?
The pretaxing of disability premiums is a decision made by employers when setting up Section 125 benefit plans. There are three possible configurations: pretax only, after tax only, or employee chooses. When the premium is paid pre-tax the benefit becomes taxable when an employee is disabled. The employer and employee would both have a FICA or payroll tax obligation for the benefit paid. The insurance company may issue a 1099 statement for the benefits. There is no Ohio law changing the IRS guidelines on this topic that I am aware of.
No it's not hyphenated.