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In the sense that you have to pay tax on it? Idk how it works in the USA?Also health insurance is expensive.
In the sense that you have to pay tax on it? Idk how it works in the USA?
Of course you don't have free healthcare, but I'm not sure how healthcare insurance relates to employment?
Here in the UK, a lot of big companies offer free health insurance as an option, but you have to pay tax on it.
Just to clarify that's not how it works in the UK. I assume you mean you as in everyone in the US, not the literal you.Your employer offers health insurance that you can purchase. Then they take the cost of your health insurance plan out of your paycheck each month.
Just to clarify that's not how it works in the UK. I assume you mean you as in everyone in the US, not the literal you.
What's the benefit of purchasing health insurance from the employer as opposed to from a private provider? Do employers offer health insurance at a discounted rate?
Ah makes sense, thanks for sharing! Where companies offer such in the UK, it's typically fully fundedYeah its typically cheaper than buying it yourself. Lets say a health insurance plan costs $1200 a month. You can buy that yourself and pay the full $1200 a month. If you buy the same plan from your employer it might be $400 a month (because they contribute $800 a month towards health insurance as part of an employee benefit package).
Ah makes sense, thanks for sharing! Where companies offer such in the UK, it's typically fully funded
Is it a taxable benefit in the US?
That's tax evasion you naughty boy!I am sure there is but I've never tried to claim any medical expenses on my taxes.
That's tax evasion you naughty boy!![]()
If you don't declare ALL of the benefits you gain, that's tax evasion.Nope. Tax evasion is when you don't do your taxes at all. Usually people who are self-employed get the tax breaks when it comes to medical things, not the average-joe like me.
If you don't declare ALL of the benefits you gain, that's tax evasion.
In this case you may be evading tax for your employer's contributions to your health insurance? You may wanna check that.
I'm referring to the difference in our definitions of tax evasionI didn't know you were an expert in the American tax system.
I think I'll be fine.
I'm referring to the difference in our definitions of tax evasion
Of course I don't know all the US laws, I apologise if I'm making ya feel uncomfortable![]()
Alright, cool beans. Even if it's against the law surely it's hard to get caught out for it, and even if you do, hard to get penalised for just a tad bit of money. When there are worse tax evaders not paying tax AT ALL out thereYou didn't. I am sure my tax professional would catch anything that needs to be reported. Its not something I am really concerned about.