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Message from the Supreme Court to the Repubilcans: DENIED!
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<blockquote data-quote="klein" data-source="post: 830967" data-attributes="member: 23950"><p style="text-align: left"><span style="color: #000000">The plan is tax-free because part of your pay covers the cost of the insurance.</span></p> <p style="text-align: left"><span style="color: #000000">Suppose you make $70,000 annually. If your employer gave you the full $70,000, all of it would be subject to payroll taxes, including income taxes. Now, if the employer establishes a premium-only plan, and says to you I can offer you health insurance for $1000 a month, your salary becomes $58,000 plus $12,000 in benefits.</span></p> <p style="text-align: left"><span style="color: #000000"><strong>Because health benefits are favored under the law, you avoid paying payroll taxes on that part of your salary reduction.</strong></span></p><p></p><p style="text-align: left">You pay tax on the $58.000 and not the $70.000 earned, get it now ?</p> <p style="text-align: left"></p> <p style="text-align: left">A person without employer healthcare bennies, pays more on income taxes, and then , again, more on insurance premiums.</p></blockquote><p></p>
[QUOTE="klein, post: 830967, member: 23950"] [LEFT][COLOR=#000000]The plan is tax-free because part of your pay covers the cost of the insurance.[/COLOR] [COLOR=#000000]Suppose you make $70,000 annually. If your employer gave you the full $70,000, all of it would be subject to payroll taxes, including income taxes. Now, if the employer establishes a premium-only plan, and says to you I can offer you health insurance for $1000 a month, your salary becomes $58,000 plus $12,000 in benefits.[/COLOR] [COLOR=#000000][B]Because health benefits are favored under the law, you avoid paying payroll taxes on that part of your salary reduction.[/B][/COLOR][/LEFT] [LEFT]You pay tax on the $58.000 and not the $70.000 earned, get it now ? A person without employer healthcare bennies, pays more on income taxes, and then , again, more on insurance premiums.[/LEFT] [/QUOTE]
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Message from the Supreme Court to the Repubilcans: DENIED!
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