92

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 calculate it: How much is your annual healthcare cost if you don't get it from your employer? A good place to start is healthcare.gov and look up plans that are ...


50

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 your question, I doubt she would be allowed to claim you as a dependent. Because you are a full time student you do meet the age test (under age 24), but you fail ...


22

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 "my employer paid my tuition but I had to pay it back because I moved on". Therefore there is no downside to letting them pay the tuition. If you want to move on ...


15

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 the more successful benefits. At that time, income taxes were newer and there were many ways to evade them. Companies could generally deduct expenses. So at ...


9

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 3rd party Plan Administrator. Ask to see the plan documents. Learn how it defines "eligible employees" and find out if part-time employees are eligible or not, ...


9

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 negotiate a retirement plan. It is a big ask and it is very unlikely that the non-profit would do it for you. The non-profit doesn't have any retirement plan ...


8

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 qualifying events. Off plan-year changes due to eligibility under a different employer plan, loss of eligibility under a different employer plan and open enrollment at ...


8

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 doesn't make sense grammatically - "up to" is incorrect in that phrase (35% match of the first 6% of employee contribution would be okay, but "up to" doesn't ...


8

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 coverage covers your income, leave policies guarantee your status as an employee. Typically, STD coverage requires an actual loss of income and will offset it'...


8

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 grandfather has not been employed for the past 8 years, I don’t think he is eligible for unemployment benefits.


7

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 what it would cost to obtain the necessary/equivalent coverage without employer assistance. In my case, my employer pays more than $10,000 per year toward the cost ...


7

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; this fringe benefit is tax deductible for the employer and is not considered income for the employee, up to a monthly limit of $255 (for 2016). The employer ...


7

"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.


6

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 the website of Fidelity better. You can sign up for free accounts for both and see which one you like better. Some love Vanguard more. They will help you ...


6

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 how much you can make and still be eligible to deduct your contributions). $5,500 is much lower than the $18,000 limit for 401(k) contributions. California is ...


6

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 that you are seeking a refund from the new insurance company. Also, please understand that I am not necessarily an expert in health insurance, so my answer below ...


5

You could end up with nothing, yes. I imagine those that worked at Enron years ago if their 401(k) was all in company stock would have ended up with nothing to give an example here. However, more likely is for you to end up with less than you thought as you see other choices as being better that with the benefit of hindsight you wish you had made different ...


5

The question is whether it is the same plan or a different plan. The provider is essentially servicing the plan. So if it is the same plan - the loan should remain as is and the new provider should be servicing it. If they're rolling over from the old plan into the new plan - then you have to finish paying the loan. I'd go with this to the payroll/benefits ...


5

Your view is correct when talking about unrelated persons. However, in this case the renter and the landlord are related. In most countries, and I'm sure so is Canada, any benefit above certain (very low) minimum that the employer provides to the employee is considered part of the payment for services provided by the employee (aka salary). Thus, if the ...


5

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 provided the young person is under 20 (not 18) and is in full time non advanced (up to "A level" standard) education or certain types of training. Child benefit ...


5

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. Under "Pension contributions not paid from your salary" you need to put in any additional amounts that you have paid into any pensions, eg by sending in a cheque or ...


5

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 considered wages.


5

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 illustration above. This is a new trend we are seeing in the health insurance arena. It's a way to prevent double dipping in case your company offers a ...


5

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 coverage the two companies/insurers will want to know about the other coverage so that benefits can be coordinated. This is so there isn't double reimbursement ...


5

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 Everything is capital unless explicitly excluded, one such exclusion being: "10.—(1) The value of any right to receive a pension under an occupational or ...


4

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 them is ever listed at the credit reporting agencies. Even my company travel expense credit card is never a showing there. I don't have a hard proof, but I ...


4

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) ways to handle the loan and associated interest income, then how they file and for how much could vary. Same concept applies to making a personal loan to family/...


4

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 lose SSI at a pretty fast rate as earned income rises. The system is not kind to those who qualify for SSI but try to earn some money to cover their needs.


4

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 just want to emphasize that given that you are in a pretty decent employment situation.


4

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" romantic partners. At the time of the inception of these benefits, IIRC, no state offered same sex marriage or any kind of civil union statuses. So I bet you ...


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