Does yoiur gross income go up by the amount of insurance your employer paid for? Will we be required to pay taxes on this "unpaid" benefit?
“Does this mean that starting in 2011 the W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are provided?”
It means you should move every cent you can into food and ammo.
Read between the lines -
1) It WILL be gross income
2) It WILL be taxable
The real questions are for who and how soon.
No, it is just the start of the collection requirement so they can tax you later if your program has a higher premium (the cadillac plan tax).
For now, it just means your employer will make less profit, because they will spend overhead money generating this information for the government, which seems to believe that companies can provide any information the government wants for free.
I suspect this is just a reporting requirement, to track health care expenditures by employers.
“Does this mean that starting in 2011 the W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are provided?”
....yep...that’s the interpetations that I’ve seen from Tax professionals....for a family of four that tax benefit could be say $10,000 which would mean a higher tax bracket.
Start now and ask for a raise in the amount of their output for your health insurance and buy your own insurance.
....folks this tax slavery will only increase under Democrat rule...they should remember that in 1776 when taxes got out of hand Americans started loading guns.
No what it means is that, along with the other parts of Zero’s Health Care Plan, I will have to lay off one employee, which is too bad because I only have six.
Imagine what it does to larger companies.
Why we talk about it now is because we are going to be talking to our clients after they have gotten their first paychecks under the tax revision AND will be planning what their tax situation will be throughout 2011. This will not be a fun conversation and given the rumors about what may come after the November Vote, the potential is there for Lame Duck Congress revisions under Democratic Panic and economic chaos!
YES