Typical Paystub-Married two kids joint filing
#16
Re: Typical Paystub-Married two kids joint filing
As it happens in my case, the cost of traditional health insurance is almost identical to the cost of my HD insurance PLUS the maximum permitted contribution to my HSA. Therefore in my own mind I categorize "insurance plus HSA" as a mandatory deduction from gross pay even though you are correct and the payment into my HSS is actually voluntary.
#17
Re: Typical Paystub-Married two kids joint filing
However you HSA and 401k deductions are really income. Do you have signing authority on the accounts and do that accounts have value.
Insurance is a difficult one because it depends on which plan you want to take. One company I know has 4 tiers of health insurance depending on what deductibles you want to have. The company I work for just has 2 high deductible health plan options, no traditional. Not in my state.
Also it depends if it for a family or an individual. Some employers do not have subsidized family health plans and others just contribute a fixed amount that can be spent as you choose.
maybe it's just easier to leave health insurance out of the equation because there are so many variables.
Insurance is a difficult one because it depends on which plan you want to take. One company I know has 4 tiers of health insurance depending on what deductibles you want to have. The company I work for just has 2 high deductible health plan options, no traditional. Not in my state.
Also it depends if it for a family or an individual. Some employers do not have subsidized family health plans and others just contribute a fixed amount that can be spent as you choose.
maybe it's just easier to leave health insurance out of the equation because there are so many variables.
#18
Re: Typical Paystub-Married two kids joint filing
I am not going to go back and restate my percentage deduction based on your view that I should have excluded my HSA contributions, not least because you could use the numbers and go back and calculate my gross salary, but suffice to say if I confine deductions to what is truely mandatory my net pay would by comfortably over 70% of my gross pay.
Last edited by Pulaski; Sep 20th 2016 at 3:56 pm.
#19
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Re: Typical Paystub-Married two kids joint filing
We're talking about net income for informational purposes - that's what the OP of this thread wanted, we're not answering a question in a tax law exam, so we can slice and dice the numbers and present them however we want, and how we feel would be most useful. Clearly several people have presented their take home pay percentages in several different ways - at least one included his 401k as a deduction IIRC. To my way of thinking, contributing to my HSA is part of the cost of providing health insurance coverage for my family, so I consider it to be mandatory.
I am not going to go back and restate my percentage deduction based on your view that I should have excluded my HSA contributions, not least because you could use the numbers and go back and calculate my gross salary, but suffice to say if I confine deductions to what is truely mandatory my net pay would by comfortably over 70% of my gross pay.
I am not going to go back and restate my percentage deduction based on your view that I should have excluded my HSA contributions, not least because you could use the numbers and go back and calculate my gross salary, but suffice to say if I confine deductions to what is truely mandatory my net pay would by comfortably over 70% of my gross pay.