92 votes
Accepted

Ballpark salary equivalent today of "healthcare benefits" in the US?

As a contractor, I have done this exact calculation many times so I can compare full time employment offers when they come. The answer varies greatly depending on your situation, but here's how to ...
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  • 45.6k
50 votes
Accepted

Parents want to claim me

There are very specific rules that govern whether or not a person qualifies as a dependent of another. You can learn about them on this IRS tutorial about dependents. Based on what you've said in ...
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36 votes
Accepted

Employer tax benefits of 401k matching vs salary increase

Salaries are subject to a 7.65% payroll tax; 401k matches are not.
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  • 4,302
22 votes

When does it make financial sense to take advantage of employer's tuition reimbursement program?

If you have decided to do the degree, and are simply deciding whether to accept employer funding for it or not, take the funding. I see no difference between "my employer doesn't pay my tuition" and "...
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  • 12.1k
16 votes

Why is company provided health insurance tax free, but individual health insurance is not?

During World War II, the United States (US) instituted wage and price controls. To attract better employees, companies would offer benefits to get around salary limits. Health insurance was one of ...
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  • 20.8k
12 votes

Employer tax benefits of 401k matching vs salary increase

They can offer it as a benefit, but not everybody will take advantage. If you make 50,000 and the maximum match is 5%; then they have to budget 2,500 for the match. Some people won't participate. Some ...
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9 votes

Can an employer refuse to remove a spouse who recently acquired their own health insurance coverage?

Tax exempt contributions made to an employer Section 125 Cafeteria plan are governed by the IRS. The IRS states that the election change may not be made during a plan year except for certain ...
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  • 48.5k
9 votes

Can an employer change 401(k) rules to exclude part-time employees who previously participated?

The 401(k) plan must have a definition of "eligible employees". All eligible employees must be given the opportunity to participate in the plan. Talk to the 401(k) contact within your company, or the ...
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9 votes

Is 50K Salary Jump Worth No 401K Benefit

Yes, the salary jump is clearly worth it. Although you will pay more taxes, the $45k salary increase is a much larger amount than the previous 401k match. I strongly recommend that you do not try to ...
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8 votes
Accepted

Is this 401k statement odd or is it normal?

That's almost certainly a confusingly-worded version of Company will match employee's contributions, up to 6% of employee's salary, at a 35% rate or similar, as you expect. The alternate reading ...
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  • 34.7k
8 votes
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Are there any benefits of FMLA beyond preserving your job?

How will your employer treat your pay and benefits status while you're on leave? Disability income coverage and leave policies work in tandem to solve very different problems. Disability income ...
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  • 48.5k
8 votes

Can my grandfather receive money in the state of Wisconsin if he's unemployed?

To be eligible for unemployment benefits in Wisconsin, you must have been employed in the base period, which is a year-long period prior to the date you apply for unemployment benefits. Since your ...
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7 votes

Ballpark salary equivalent today of "healthcare benefits" in the US?

As others have said, it depends entirely on what benefits are provided, and how much of the cost of those benefits is paid by the employer and how much is paid by the employee, and compare that to ...
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7 votes
Accepted

Claiming commuter benefits when company didn't offer it

Unfortunately, no. Transportation expenses between your home and your primary employment location are not normally deductible. An employer, however, is allowed to offer its employees transit passes; ...
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7 votes

Can an employer change 401(k) rules to exclude part-time employees who previously participated?

"can they "change the rules" after letting me have 401(k) for 2 years" Yes, yes they can. Employer benefit packages are at least reviewed and in fact usually revised each year.
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  • 448
6 votes

Self maintain my 401(k) if company offers no benefits?

You will want to do two things, and do them correctly: 1) You will want to roll over your existing 401K into a Rollover IRA. I would go with either Vanguard or Fidelity. While I have both, I like ...
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  • 74.9k
6 votes

Self maintain my 401(k) if company offers no benefits?

Pete's suggestion to roll your money into an IRA is a good way to manage existing money, but you can only contribute an additional $5,500/year (2017 numbers -- $6,500 if you're over 50, but limited in ...
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6 votes
Accepted

Erroneously used child's birth instead of loss of insurance as QLE, double paid insurance for same month

Note: I initially assumed that you were seeking a refund from your old insurance company, and my original answer is shown first. Below that, I have added a new section to address the clarification ...
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5 votes

Are employer gym reimbursement benefits taxable?

Yes, it should be included as taxable wages on your W2. While a gym at work (i.e.: on premises) is a non-taxable fringe benefit, when you're being provided an actual gym membership elsewhere - it is ...
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  • 129k
5 votes
Accepted

What is the difference between Child Benefit and Child Tax Credit?

In broad terms, Child Benefit is a universal benefit paid to anyone earning up to £50-60,000 a year* whilst Child Tax credit is primarily means tested (for no/low incomes really). Both are payable ...
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  • 755
5 votes
Accepted

How should I include pension contributions in my UK Child Benefit calculations?

Under "Pension contributions deducted from your pay" you need to put in the £ amount of the 5% that you pay from your salary. If your gross salary is £50k then you would put £2500 in that field. ...
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  • 21.8k
5 votes
Accepted

How does the Spousal Surcharge generally work?

A company can charge you the employee extra if your spouse has access to an employer health plan but chooses to enroll in your health plan. The surcharge is independent of the rate tiers shown in the ...
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  • 66
5 votes

When should both spouses get benefits from their jobs?

In the United States in some cases if both spouses have access to health insurance the employers expect that the other spouse will get it from their employer. If both spouses have access to health ...
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5 votes
Accepted

Claiming UK benefits with a SIPP/ISA

See UC Regs 2013 s46 https://www.legislation.gov.uk/uksi/2013/376/part/6/made/data.xht?view=snippet&wrap=true and Schedule 10 https://www.legislation.gov.uk/ukdsi/2013/9780111531938/schedule/10 ...
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  • 369
4 votes

How much can I make (or how many hours can I work) while receiving social security benefits?

As Dilip commented, the Social Security web site is pretty comprehensive. Understanding Supplemental Security Income SSI Income has the details you are looking for. It's a convoluted equation. You ...
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4 votes

Do company benefits, such as HSA or pre-tax commuter plans, that open up accounts in my name affect my credit report or score?

Only credit accounts should make it into your ratings - accounts where there is a chance that you borrow or owe money and not pay it (back). I have multiple such accounts for many years, and none of ...
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  • 37k
4 votes

How should I ask for an Employer Loan as an Employee?

Will he have to pay taxes on the interest gained from the loan payback Yes. This is income for the employer and must be declared as income. If their Accounting Dept can find creative (not illegal) ...
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  • 13.8k
4 votes

Are there any benefits of FMLA beyond preserving your job?

In your situation, it sounds like the only added benefit would be insurance continuance. For employees who can't access short-term disability it is a critical protection against losing their job. I ...
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  • 1,086
4 votes

Can I add girlfriend to my benefits provided by employer?

Heterosexual couples have benefited from insurance benefits being extended for "domestic partners". The intent was not to judge if a couple was hetro or homosexual but extend benefits for "serious" ...
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  • 74.9k
4 votes

What tax percentage will I pay on this benefit in kind?

As another answer mentions, but including here to make this complete: benefits in kind are taxed as part of income unless there's a special exemption. Note that if you are getting a repayable loan ...
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