How would I know if taxes have been deducted from my health insurance benefits?
Try to verify the health insurance benefits and the premium payments from your employer. They usually give you a form to fill up so that you can specify the terms of your premium payments. You can also verify the information from your salary statements under the section for deductions. Try to inquire which section your health insurance premiums are under. Generally, the premium payments of health insurance benefits that are acquired through employment are deducted pre-tax. But you still have the option to pay the premiums with tax-paid money if that is. Another way is by checking the information in Box 14 of your W-2 form. Health insurance benefits are often listed in this section. You can also compare the information in Box 2 and the year-to-date or YTD wages indicated in your salary statements. If taxes have been withheld from your health benefits, then the amount in Box 2 is lower than your YTD wages. If you are self-employed, try to consult an accountant so that you will be guided as to the amount of deductions you make for health insurance benefits from your annual gross income. You can also try the quick estimator at the Social Security Administration website. By entering your annual income, with pre- and post-tax, you can find out the difference in monthly benefits, considering your tax bracket. Answer by admin — May 22, 2009 @ 11:21 am No CommentsNo comments yet. Leave a comment |
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You might want to ask your employer. If the monthly premiums for 
