Refinancing Home Mortgage
In: Mortgage Payment
3 Nov 2010A close friend, and yes, he will get tax advisers to help him later. But I’m just curious about your situation:
- Married, joint statement, without children
- He pays the insurance premium mortgage on his house. House bought 3 years ago
- His wife has money for medical costs that could reach almost $ 10,000.00 spent this year
- It is + / – € 85K to 95K per year (salary only)
- He procurement of 8 months
- It is the report W-2 as a master and receives additional pay for his health insurance. The check amount is calculated as $ 7.00 times the sum of the hours he spends in the same week (although the amount varies per week)
- He is twice a week (paycheck + health check) paid
- The company provides health insurance package, but it did not meet his needs. So he decided to purchase their own health and dental insurance elsewhere.
- There was no written agreement between the company and tells him he must use the money from additional income for health insurance. That’s actually what he can do what he wants to pay the extra money.
1. The total amount of taxable wages or existed only for the amount remaining after deduction of health insurance?
2. Is that common? What is real, rather than the additional amount of benefit has to W2 in terms of employers and entrepreneurs?
1. The total amount of taxable wages or existed only for the amount remaining after deduction of health insurance?
The paycheck is taxed. It should also pay SS and Medicare and the employer must provide the employer share of SS and Medicare.
2. Is that common? What is real, rather than the additional amount of benefit has to W2 in terms of employers and entrepreneurs?
It is unusual but not unique. The employer is wrong or do not pay income tax on the money. Employees can also at this as a tax-free performance that you can not think. I bet his W-2 will be bad as well, with these “reimbursements” is missing the box 1 3 and 5
This is about mortgage information questions.
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