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With the same hourly rate (eg. $80/hour) which option is

With the same hourly rate (eg. $80/hour) which option is financially better: W2 or 1099 for a single person.

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Lev

Retired

Bachelor's Degree Equivalent

 
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I previously asked this question but did not get a clear

I previously asked this question but did not get a clear concise direct answer. Yes or No, can an employer pay different contribution percentages towards different groups of employees?Can I pay 100% of partners insurance, 75% of directors insurance and employee pays 25% and 50% of staff insurance and employee pays 50%For the first time, my Company is now offering health insurance benefits. I would like to establish a tiered system by which different groups of employees will have their health insurance premiums will be paid for by the company, as per below:Partners 100% of premium paid by TAS - Employee contribution 0%Directors 75% of premium paid by TAS - Employee contribution 25%Staff 50% of premium paid by TAS - Employee contribution 50%These are full insured plans. Is this legal under the PPACA?Each plan offering will likely include (2) options: an HMO and aPOS (or equivalent). At the outset, the percentages above will apply to either option. However, if the spread between the two options becomes much larger, we reserve the right to restrict the percentages to the HMO option only. For example, if today the HMO option is $1,600 and the POS is $2,400, we would pay for a staff $800 for HMO or $1,200 for POS (50% of either option). However, let's say in 4 years, the options are $2,000 and $4,000 respectively, we may choose to simply pay for $1,000 max (50% of HMO only). If they choose the POS plan, they will be responsible for the other $3,000 in premium. Finally, in all cases, these are high-deductible plans and all individuals will be responsible for funding their own HSA accounts.Does this fully comply with all laws & regulations/

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
I am a minister that has four rental properties that produce

I am a minister that has four rental properties that produce a small tax loss with positive cash flow. Is there a way to form a LLC or any other company where we could write off any of the following:1- Family Health insurance premiums that I pay2- Any other family related health care itemsI am eligible for health insurance at my employer which I declined. I purchased insurance outside of my employer. Any way to deduct that? The expenses don't go high enough on my return to deduct.

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

 
3,896 satisfied customers
Ray My tax bracket can go up to $300,000 or

Hi RayMy tax bracket for 2016 can go up to $300,000 or $500,000Can you tell me which entity is better for tax shelter, 401K, Stock option, Roth IRA saving account, good health care and asset protection?Should I go with option 1 and 3 or choose option 2 below?1. LLC setup as a Corporation with 1 % account. I am looking to have an excellent tax break, 401k, good health care coverage and asset protection. Claim payroll for two employees2. Should I setup either S-corps or Corp?3. Do you have any refer for this Non-profit organization?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I have a grandson who has a baby with his girlfriend. She is

I have a grandson who has a baby with his girlfriend. She is covered under her mother's insurance.She has no job. He works in the parts department of an auto dealership. He says he cannot afford their health insurance. His pay is above the poverty line in the area of $30-$35,00. What other options does he have? She cannot cover the baby on her mom's insurance and it is up to him to cover the baby and himself

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
On form 8962 page 6 of the instructions under worksheet 1-1

On form 8962 page 6 of the instructions under worksheet 1-1 question 4 asks you to enter the excess of Form 1040 line 20a over 20b. What does this mean the excess of (20a) over 20b. For me I understand this eventually taxes my previously untaxed Social Security.

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

 
3,896 satisfied customers
My daughter has Medicaid, and she will turn 18 on May 1, 2016.

My daughter has Medicaid, and she will turn 18 on May 1, 2016. She is still in high school. Will her Medicaid coverage expire when she turns 18? Will she need to sign up as an adult?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
My daughter who is 44 came to live with us on January of

My daughter who is 44 came to live with us on January of 2015, she was diagnosed with a mental disorder and abandoned by her husband. Her sister had signed her up for NY healthcare . When my wife and I filed our tax return this year we claimed my daughter as a dependent , since we totally supported her all of 2015. I have now received a request from the IRS to supply form 8962 based on the 1095A that we have received for my daughter. I don't think that she is part of my wife's andI "tax family". If I do the numbers based on our income (over 100k) it reduces our refund by over 2k. If in fact this is the only way to do this to do this wouldn't we be better off filing and amended return without her?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I took money out of my 401k and put it in my s Corp

I took money out of my 401k and put it in my s Corp business. I used that money to pay myself a salary. I realize I should have rolled that money over to my business and deferred the tax liability. Is there any way to have that money treated as a rollover after that fact?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,894 satisfied customers
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