Posted: 2/8/2014 6:46:36 AM EDT
| That box on a W2, the 12d with a DD code. Is that for the value of your employer provided health insurance? And is it factored into your income and taxed? |
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To clarify on the not taxed part - "The Patient Protection and Affordable Care Act (as amended by the Health Care and Education Reconciliation Act of 2010) imposes an annual 40% excise tax on plans with premiums exceeding $10,200 for individuals or $27,500 for a family (not including vision and dental benefits) starting in 2018."
So if you have a "Caddilac" plan you will pay tax on part of it. My wife's employer paid $18,983 and we paid almost $6,000 for our family health plan, so it looks like we will be taxed in a few years unless the cut benefits to make the plan cheaper. |
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Quoted:
I was wondering, Im trying to ignore the effects outside of the rising costs to us and the dwindling coverages. Just plugging in numbers to TurboTax it seems were somehow paying more into the FED this year. Unless you have a very high income (>$250k) the only major change you should be seeing is that social security tax went back up to 6.2% (it was 4.2% in 2011 and 2012). If you make over $250k you will be paying an extra 0.9% medicare tax on earned income and an extra 3.8% on investment income. If you make over $450k you are also paying an extra 3.6% Federal income tax on earned income and an extra 5% on investment income. Gotta squeeze more out of the "rich" whose total tax burden goes up between 6.5 and 10.8 percent. 
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