Taxes??

[topshot]

i got to see how much my employer pays for my health insurance, and i'd say they are getting a terrible deal...especially once you add in what i have to pay out of pocket. maybe i can negotiate they pay me instead of the insurance company, and i go out and buy my own...win win.

[kyle1974]

i got to see how much my employer pays for my health insurance, and i'd say they are getting a terrible deal...especially once you add in what i have to pay out of pocket. maybe i can negotiate they pay me instead of the insurance company, and i go out and buy my own...win win.

not sure what your family situation is, but you better check single member plans before you go down that road. It's absolutely obscene what insurance costs are these days.

[Wild_Kat]

Someone has to pay for all the "sick" people going to the ER to be treated.

[dustoffer]

I'm retired military--how do I value my medical care as a retiree? Medicare is easy--just the amount I pay per month.

[jaime1982]

Yep, non taxable. Just reported, same as last year.


Form W-2 Reporting of Employer-Sponsored Health Coverage

The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan. Reporting the cost of health care coverage on the Form W-2 does not mean that the coverage is taxable. The value of the employer’s excludable contribution to health coverage continues to be excludable from an employee's income, and it is not taxable. This reporting is for informational purposes only and will provide employees useful and comparable consumer information on the cost of their health care coverage.

I just did mine, same as year before.

[rferg84]

No clue about any of that but I'm in possibly the worst spot for self employment taxes you can be in.

Wife and I both maxed out SS this year but barely.

[txdukklr]

I got a major wake up call when i started my own company on the IRS.

I paid six figures and I'll owe six figures when everything is said and done . . . . . . . . and the income wasn't proportional but owning an llc spreadsheet numbers have to be included in my income.

good news my company had an awesome record year. Bad news I'll be paying personal income on money that isn't being taken out of the company.

[quarterback]

Change and Hope are fun little words to say but they don't feed the bulldog. My thanks to everyone who works and pays taxes. Somehow we just have to keep on keeping on, regardless of politics.

[doubleplay43]

You are not taxed on your health insurance premiums. Your employer is just required now to report how much it is to the government. It should still be paid pretax to the employee.

[bphillips]

I just hope I can get about 10k or more back from them. Have another kid to add this year

[Mike Javi Cooper]

You lost me at $75K... I'd have to combine 3 years w-2's to get there...

[Hoggslayer]

My wife started her own business this past year and I'm not looking forward to taxes. I know I'm going to owe a ton.

[justincorbell]

I got a major wake up call when i started my own company on the IRS.

I paid six figures and I'll owe six figures when everything is said and done . . . . . . . . and the income wasn't proportional but owning an llc spreadsheet numbers have to be included in my income.

good news my company had an awesome record year. Bad news I'll be paying personal income on money that isn't being taken out of the company.

as some point in the next couple months I would like to speak to you regarding what you are talking about if you don't mind. I am SERIOUSLY considering a career change and a big part of that change will be opening my own business but I honestly am very naive as to how things work when owning a business, from a taxation standpoint.

[TigerBob]

You are not taxed on your health insurance premiums. Your employer is just required now to report how much it is to the government. It should still be paid pretax to the employee.

This is correct. The premiums paid by your employer are not YET income to you. However, I would imagine that they will be in the very near future. The IRS uses these reporting rules to calculate the tax revenue that could be generated by taxing these premiums paid by employers. Until that time comes though, they are not income.

[kyle1974]

the IRS taxes personal use of company vehicles... I'd bet the last dollar I have that they're going to tax people on the portion of insurance their employer pays.