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The Money Mustache Community
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Health insurance is not subtracted before FICA right?
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Topic: Health insurance is not subtracted before FICA right? (Read 2712 times)
Gin1984
Magnum Stache
Posts: 4950
Health insurance is not subtracted before FICA right?
«
on:
September 10, 2014, 02:31:04 PM »
Or am I totally wrong?
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seattlecyclone
Walrus Stache
Posts: 7452
Age: 40
Location: Seattle, WA
Re: Health insurance is not subtracted before FICA right?
«
Reply #1 on:
September 10, 2014, 02:36:28 PM »
Health insurance and HSA/FSA deductions
are
subtracted before payroll taxes are calculated. 401(k) contributions are not.
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beltim
Magnum Stache
Posts: 2957
Re: Health insurance is not subtracted before FICA right?
«
Reply #2 on:
September 10, 2014, 02:43:30 PM »
It can be but isn't always. For health insurance to be deductible prior to FICA, the employer must have set up a Section 125 plan:
http://www.paychex.com/insurance/section-125.aspx
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Gin1984
Magnum Stache
Posts: 4950
Re: Health insurance is not subtracted before FICA right?
«
Reply #3 on:
September 10, 2014, 04:15:07 PM »
Thanks guys
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La Bibliotecaria Feroz
Walrus Stache
Posts: 7611
Re: Health insurance is not subtracted before FICA right?
«
Reply #4 on:
September 10, 2014, 08:45:35 PM »
And FYI some companies offer domestic partner coverage, which I believe is always a taxable benefit.
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Health insurance is not subtracted before FICA right?