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helens Sep 29th 2007 1:05 pm

Taxes in Florida
 
I'm trying to work out the sort of income I need to negotiate in my move to Florida, I've read somewhere that there is no Personal Income Tax in florida, so from my Annual Salary, what sort of taxes would I be expected to pay ? Surely the salary I earn is not going to be my take-home pay.
Can anyone help ?

Ray Sep 29th 2007 1:07 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5367788)
I'm trying to work out the sort of income I need to negotiate in my move to Florida, I've read somewhere that there is no Personal Income Tax in florida, so from my Annual Salary, what sort of taxes would I be expected to pay ? Surely the salary I earn is not going to be my take-home pay.
Can anyone help ?

Federal Income tax
Social Security
Medicare .....

helens Sep 29th 2007 1:17 pm

Re: Taxes in Florida
 

Originally Posted by Ray (Post 5367796)
Federal Income tax
Social Security
Medicare .....

OK, so the Company will provide Health Insurance, so do I need to contribute to Medicare ?
What are the tax rates for Federal Income Tax and Social Security, does anyone know ?
Is there somewhere I can go to find out the answers ?

Ray Sep 29th 2007 1:22 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5367819)
OK, so the Company will provide Health Insurance, so do I need to contribute to Medicare ?
What are the tax rates for Federal Income Tax and Social Security, does anyone know ?
Is there somewhere I can go to find out the answers ?

No idea ..I never joined that club
try
www.irs.gov

dbj1000 Sep 29th 2007 2:20 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5367819)
OK, so the Company will provide Health Insurance, so do I need to contribute to Medicare ?
What are the tax rates for Federal Income Tax and Social Security, does anyone know ?
Is there somewhere I can go to find out the answers ?

Yes, you have to pay Social Security and Medicare in addition to any private health insurance you have.

Social Security is 6.2% of your wage up to ~$97,500.
Medicare is 1.45%, with no cap.

The 2007 tax levels will be on the IRS link Ray posted. The site is actually really informative. Search for "federal tax schedules" to see some easy to use tables.

However, I'm prepared to bet that your employer won't provide health insurance to you for free. The cost of your health insurance is likely to be the biggest deduction from your pay check. Expect anything from $200 to $500 per month, or more, even if your employer is picking up the majority of the cost.

helens Sep 29th 2007 4:17 pm

Re: Taxes in Florida
 

Originally Posted by dbj1000 (Post 5368003)
Yes, you have to pay Social Security and Medicare in addition to any private health insurance you have.

Social Security is 6.2% of your wage up to ~$97,500.
Medicare is 1.45%, with no cap.

The 2007 tax levels will be on the IRS link Ray posted. The site is actually really informative. Search for "federal tax schedules" to see some easy to use tables.

However, I'm prepared to bet that your employer won't provide health insurance to you for free. The cost of your health insurance is likely to be the biggest deduction from your pay check. Expect anything from $200 to $500 per month, or more, even if your employer is picking up the majority of the cost.

Luckily my employer will pick up all the medical costs, since they already pay the US and Canadian employees and they already pay for private UK cover :)

Elvira Sep 29th 2007 4:29 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368322)
Luckily my employer will pick up all the medical costs, since they already pay the US and Canadian employees and they already pay for private UK cover :)

Are you sure about that......... what about co-pays and deductibles...

helens Sep 29th 2007 4:36 pm

Re: Taxes in Florida
 

Originally Posted by Elvira (Post 5368359)
Are you sure about that......... what about co-pays and deductibles...

Well I'm not 100% sure so I'd need to find out exactly during my negotiations :)
I'm hoping that I can get an annual insurance to cover me for the first year and maybe return to the UK and renew it if necessary for the next one.

helens Sep 29th 2007 4:37 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368387)
Well I'm not 100% sure so I'd need to find out exactly during my negotiations :)
I'm hoping that I can get an annual insurance to cover me for the first year and maybe return to the UK and renew it if necessary for the next one.

I feel like my salary request is already going up and up :(

Ray Sep 29th 2007 4:39 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368387)
Well I'm not 100% sure so I'd need to find out exactly during my negotiations :)
I'm hoping that I can get an annual insurance to cover me for the first year and maybe return to the UK and renew it if necessary for the next one.

Very little chance from a UK provider

helens Sep 29th 2007 4:41 pm

Re: Taxes in Florida
 

Originally Posted by Ray (Post 5368396)
Very little chance from a UK provider

What does this mean ? 'Very little chance from a UK provider'

Ray Sep 29th 2007 4:45 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368403)
What does this mean ? 'Very little chance from a UK provider'

If you thought you can get any insurance from the UK to last a year ...

helens Sep 29th 2007 4:49 pm

Re: Taxes in Florida
 

Originally Posted by Ray (Post 5368413)
If you thought you can get any insurance from the UK to last a year ...

Oh OK, well there are quite a few that offer long stay travel insurance, so long as you renew from the UK and you are classed as a UK resident (which on an L1 visa you are). We used them before, they also offer Gap Year Travel too for medical expenses etc.
You obviously can't do this once you get a Green Card, since then you aren't classed as a UK resident.

Ray Sep 29th 2007 5:01 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368427)
Oh OK, well there are quite a few that offer long stay travel insurance, so long as you renew from the UK and you are classed as a UK resident (which on an L1 visa you are). We used them before, they also offer Gap Year Travel too for medical expenses etc.
You obviously can't do this once you get a Green Card, since then you aren't classed as a UK resident.

Things have changed there then ...
That would certainly save a lot of money

Elvira Sep 29th 2007 5:37 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368427)
Oh OK, well there are quite a few that offer long stay travel insurance, so long as you renew from the UK and you are classed as a UK resident (which on an L1 visa you are). ....

Are you sure about that? The IRS will consider you resident, even if USCIS won't.

As far as I'm aware, travel policies are for UK residents whose main residence and employment is in the UK. Most also put a limit on single trips - typically either 1 month or 3. They also only pay for emergency care and expect you to return to the UK as soon as you are physically able to travel.

Ray Sep 29th 2007 5:53 pm

Re: Taxes in Florida
 

Originally Posted by Elvira (Post 5368559)
Are you sure about that? The IRS will consider you resident, even if USCIS won't.

As far as I'm aware, travel policies are for UK residents whose main residence and employment is in the UK. Most also put a limit on single trips - typically either 1 month or 3. They also only pay for emergency care and expect you to return to the UK as soon as you are physically able to travel.

http://www.coeconnections.co.uk/

Elvira Sep 29th 2007 5:55 pm

Re: Taxes in Florida
 

Originally Posted by Ray (Post 5368591)

Still, it's only open to UK residents...

Ray Sep 29th 2007 5:56 pm

Re: Taxes in Florida
 

Originally Posted by Elvira (Post 5368594)
Still, it's only open to UK residents...

Thats where it get difficult ..

helens Sep 29th 2007 6:44 pm

Re: Taxes in Florida
 

Originally Posted by Ray (Post 5368598)
Thats where it get difficult ..

OK, so you may be right, but the conditions for one company I found is that I must be resident in the UK for the previous 6 months, so it may help us a little for the first year at least. The insurance for a family for 12 months, including winter sports cover and luggage is £843.76

Ray Sep 29th 2007 6:47 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368691)
OK, so you may be right, but the conditions for one company I found is that I must be resident in the UK for the previous 6 months, so it may help us a little for the first year at least. The insurance for a family for 12 months, including winter sports cover and luggage is £843.76

Thats sounds more like travel (vacation) insurance ...

helens Sep 29th 2007 6:52 pm

Re: Taxes in Florida
 

Originally Posted by Ray (Post 5368698)
Thats sounds more like travel (vacation) insurance ...

It is and it isn't it's called 'An extended stay travel insurance' for people who may want to play or work for up to 12 months ?!
It will cover the emergencies, which I guess will do us to begin with.

Ray Sep 29th 2007 7:25 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368709)
It is and it isn't it's called 'An extended stay travel insurance' for people who may want to play or work for up to 12 months ?!
It will cover the emergencies, which I guess will do us to begin with.

It might.. but be careful ..This has come up before ..

Duncan Roberts Sep 29th 2007 8:30 pm

Re: Taxes in Florida
 
Right. A simple doctors visit will run you $100 or so, quite likely even more. That just covers sitting in the office and seeing the doctor, anything else is extra. Also, be sure you know what an emergency is, what the max coverage is and how they will pay. Most policies like that I've seen you have to pay and they reimburse you. If you have a real emergency then you could very easily be looking at $100k+ that you will have to fork over to the hospital then don't expect the insurance company to pay you back in a flash. When I worked in medical claims processing I saw claims for $250k-$1million on a daily basis.

Jerseygirl Sep 29th 2007 9:17 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368427)
Oh OK, well there are quite a few that offer long stay travel insurance, so long as you renew from the UK and you are classed as a UK resident (which on an L1 visa you are). We used them before, they also offer Gap Year Travel too for medical expenses etc.
You obviously can't do this once you get a Green Card, since then you aren't classed as a UK resident.

I think you'll find the insurance will not cover you because you will be a resident of the US...living and working here on a L1 visa even if it's not a GC. Those types of policies are for residents of the UK who are temporarily in the US...which you will not be.

tamms_1965 Sep 29th 2007 9:34 pm

Re: Taxes in Florida
 

Originally Posted by dbj1000 (Post 5368003)
Yes, you have to pay Social Security and Medicare in addition to any private health insurance you have.

Social Security is 6.2% of your wage up to ~$97,500.
Medicare is 1.45%, with no cap.

The 2007 tax levels will be on the IRS link Ray posted. The site is actually really informative. Search for "federal tax schedules" to see some easy to use tables.

However, I'm prepared to bet that your employer won't provide health insurance to you for free. The cost of your health insurance is likely to be the biggest deduction from your pay check. Expect anything from $200 to $500 per month, or more, even if your employer is picking up the majority of the cost.

My family coverage is $40 every two weeks. This includes dental. I have a PPO which is something between traditional insurance and an HMO. I have a $15 copay and prescriptions are $20 (but much cheaper if you do them by mail....blood pressure meds, etc.). There is a $100 deductible per person for things like surgery, cat-scans, etc. But everything else...dr. visits, lab work, x-rays there is no deductible. All dental checkups are free, anything else I have to pay 20%, ins. pays 80%.

dbj1000 Sep 30th 2007 8:38 am

Re: Taxes in Florida
 

Originally Posted by tamms_1965 (Post 5369112)
My family coverage is $40 every two weeks. This includes dental. I have a PPO which is something between traditional insurance and an HMO. I have a $15 copay and prescriptions are $20 (but much cheaper if you do them by mail....blood pressure meds, etc.). There is a $100 deductible per person for things like surgery, cat-scans, etc. But everything else...dr. visits, lab work, x-rays there is no deductible. All dental checkups are free, anything else I have to pay 20%, ins. pays 80%.

Lucky you. You can give yourself a big pat on the back for finding such a good health plan. I hope you don't think it's common - if you change company you could be in for a real shock.

tamms_1965 Sep 30th 2007 3:49 pm

Re: Taxes in Florida
 

Originally Posted by dbj1000 (Post 5369931)
Lucky you. You can give yourself a big pat on the back for finding such a good health plan. I hope you don't think it's common - if you change company you could be in for a real shock.

One of the things that I (and most of the people I know) have always considered when making job choices are the healthcare benefits. I work in public education now and have a somewhat lower paying job than what I could have in the private sector. However, healthcare benefits are great. When I worked for Cincinnati Public Schools ('98 & '99) healthcare was free to teachers if they chose the HMO option!

However, I have not always worked in the public sector, but I've always worked for larger, established companies in the midwest that offered very good health care. My ex works for a large hospital group that offers great benefits also. In my 20+ years as an adult, I have found that a lot of smaller firms (esp. consultants/job contractors) offer nice salaries but are sh*t when it comes to benefits. My UK hubby is in the 4th phase (out of 5) of hiring for a local position with the city we live in. The pay is not great, but okay. However, the benefits (including healthcare options after retirement) are great. Good healthcare is out there, but you have to make choices. Unfortunately, it is not always available to everyone and I do not see it happening anytime soon. I don't think the majority of Americans are ready for nationalized healthcare.....someday maybe, but not right now.

helens Sep 30th 2007 4:21 pm

Re: Taxes in Florida
 

Originally Posted by dbj1000 (Post 5369931)
Lucky you. You can give yourself a big pat on the back for finding such a good health plan. I hope you don't think it's common - if you change company you could be in for a real shock.

OK, so now I'm totally confused, what sort of Health Insurance package should I be looking for, can anyone point me in the direction of some decent web-sites, I was under the impression that my company paid for health insurance, but terms such as co-pay are alien to me, so I need to read up on it. Thanks for all the help so far, I need all the feedback as I want to be prepared.

Dan725 Sep 30th 2007 4:24 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5371133)
OK, so now I'm totally confused, what sort of Health Insurance package should I be looking for, can anyone point me in the direction of some decent web-sites, I was under the impression that my company paid for health insurance, but terms such as co-pay are alien to me, so I need to read up on it. Thanks for all the help so far, I need all the feedback as I want to be prepared.

Who do you work for? What size company? If its a big multi national, chances are the plans they offer will be fine and just about the best you can get. If not, and they are wanting to send you over here, make bloody well sure they cover you properly, otherwise don't come. Get the plan details from them and post the key points on here and we'll be able to advise you better.

helens Sep 30th 2007 4:39 pm

Re: Taxes in Florida
 

Originally Posted by Dan725 (Post 5371141)
Who do you work for? What size company? If its a big multi national, chances are the plans they offer will be fine and just about the best you can get. If not, and they are wanting to send you over here, make bloody well sure they cover you properly, otherwise don't come. Get the plan details from them and post the key points on here and we'll be able to advise you better.

Ok Will do, I work for a Canadian Comapany, around 100 employees, with offices in West Coast USA and also UK. I'm being transferred (well that's the idea at least) to the East Coast USA (Florida)
I'm going to Canada in two weeks to discuss terms, so I'll know more then, I'm just trying to get my facts together and understand things such as Taxes, Health Insurance etc.

dbj1000 Sep 30th 2007 7:15 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5371133)
OK, so now I'm totally confused, what sort of Health Insurance package should I be looking for, can anyone point me in the direction of some decent web-sites, I was under the impression that my company paid for health insurance, but terms such as co-pay are alien to me, so I need to read up on it. Thanks for all the help so far, I need all the feedback as I want to be prepared.

Copay is a fact of life with US health insurance. The insurance doesn't cover 100% of any medical bill. You pay a fixed amount each time you use any medical service.

An example would be ours, where we pay $15 every time we visit a physician who is "in network" (i.e. on a list of doctors who have a fee agreement with our health insurance company), $25 every time we visit one who is "out of network", and $25 for any visit to a specialist.

There are also many details regarding paying a portion (percentage or fixed copay) for certain medical procedures, and in our case there's a maximum individual and family out-of-pocket each year, so if we reach $3000 out-of-pocket as a family, the insurance covers 100% of in-network fees beyond that.

I'll point out that health insurance is changing fast, and getting radically more expensive each year. I work for a huge multinational corporation (>15,000 employees) and our insurance has gone up ~25% in cost each year that I've been working here. At the same time, the cover has decreased, leading to more potential for high costs to us for any significant medical issues.

Oh, and it would be easier to mug the armed executives of the health insurance company than it is to get the insurance to actually pay for a claim. Typically you have to claim, re-file, appeal and then appeal again if you want them to actually pay for anything major.

helens Sep 30th 2007 7:18 pm

Re: Taxes in Florida
 

Originally Posted by dbj1000 (Post 5371578)
Copay is a fact of life with US health insurance. The insurance doesn't cover 100% of any medical bill. You pay a fixed amount each time you use any medical service.

An example would be ours, where we pay $15 every time we visit a physician who is "in network" (i.e. on a list of doctors who have a fee agreement with our health insurance company), $25 every time we visit one who is "out of network", and $25 for any visit to a specialist.

There are also many details regarding paying a portion (percentage or fixed copay) for certain medical procedures, and in our case there's a maximum individual and family out-of-pocket each year, so if we reach $3000 out-of-pocket as a family, the insurance covers 100% of in-network fees beyond that.

I'll point out that health insurance is changing fast, and getting radically more expensive each year. I work for a huge multinational corporation (>15,000 employees) and our insurance has gone up ~25% in cost each year that I've been working here. At the same time, the cover has decreased, leading to more potential for high costs to us for any significant medical issues.

Oh, and it would be easier to mug the armed executives of the health insurance company than it is to get the insurance to actually pay for a claim. Typically you have to claim, re-file, appeal and then appeal again if you want them to actually pay for anything major.

Bloody Hell, thank Goodness for the NHS in the UK then (for now at least) :)

Ray Sep 30th 2007 7:28 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5371591)
Bloody Hell, thank Goodness for the NHS in the UK then (for now at least) :)

Here's how they work ...

I could not get health insurance cos my BP was high
Now I can't get insurance cos I take BP medicine

anotherlimey Sep 30th 2007 9:24 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368322)
Luckily my employer will pick up all the medical costs, since they already pay the US and Canadian employees and they already pay for private UK cover :)

I don't want to cause any alarm, but prepare to be butt raped for medical expenses. :eek:

helens Oct 1st 2007 10:03 am

Re: Taxes in Florida
 

Originally Posted by anotherlimey (Post 5372041)
I don't want to cause any alarm, but prepare to be butt raped for medical expenses. :eek:

OK, so now what started as a simple tax question, has turned into an Associate Degree in Healthcare !
I just ran some quotes to get an idea of prices and it just opened up a whole new world, words like Co-Insurance, co-pay (which someone has already very kindly explained) and so many plan types. All I need is someone who'll pay my hospital or doctors fees should an emergency happen, broken arm, hear attach etc. This is a work of art in itself understanding this lot. Tell me what do most people do ? I heard lots of people don't have health insurance, but I have a daughter and it's a MUST !

penguinsix Oct 1st 2007 11:02 am

Re: Taxes in Florida
 

Originally Posted by helens (Post 5373297)
OK, so now what started as a simple tax question, has turned into an Associate Degree in Healthcare !
I just ran some quotes to get an idea of prices and it just opened up a whole new world, words like Co-Insurance, co-pay (which someone has already very kindly explained) and so many plan types. All I need is someone who'll pay my hospital or doctors fees should an emergency happen, broken arm, hear attach etc. This is a work of art in itself understanding this lot. Tell me what do most people do ? I heard lots of people don't have health insurance, but I have a daughter and it's a MUST !

It is estimated that 45 million people do not have insurance. Most are poor, some are young and stupid, and some have religious beliefs against insurance (yea, sound weird, but it is seen as gambling or trying to prevent 'God's will').

Anyway, 45 million sounds like a lot, but overall, that means about 85% of Americans do have some insurance (it is a big country after all with over 300 million people). Most get it from their employers, with the lucky ones having it fully paid by the company and most having to pay a portion or all of their health care expense.

http://www.cbpp.org/8-29-06health.htm

Do not even think of living without insurance, even for yourself. Even if you get some minimal coverage (i.e. 'just for emergencies') you'll be better than nothing at all.

A few terms to know:

co-pay -- you got that one

in network/out of network--I think you got that. Some doctors agree to be in a network of insurance, some don't. This can be annoying when you are sent to get tests at 'such and such lab' and that lab says 'oh, we're not in that plan, you need to go to this lab across town.'

deductible--the amount you have to pay first before the insurance kicks in. i.e. the first $500 of health care expenses are yours, after that the deductible has been met and the insurance company pays 100%, or 90%, etc.

premium--the amount each month you pay.

Start here:

https://www.ehealthinsurance.com/ehi...allid=Pay23590

Input your birthday and zip code and you'll get dozens of different plans that will show different levels of coverage, deductibles and co-pays. You can start to get an idea about what to expect from your monthly paycheck.

Many small businessmen will join 'associations' like the 'Gas Station Owners Association' or the 'Chamber of Commerce' because sometimes these groups band together and make insurance plans available to their members at a slightly lower fee than you would pay just buying direct.

Here is a good primer on insurance

http://en.wikipedia.org/wiki/Health_insurance

Good luck.

helens Oct 1st 2007 11:24 am

Re: Taxes in Florida
 

Originally Posted by penguinsix (Post 5373494)
It is estimated that 45 million people do not have insurance. Most are poor, some are young and stupid, and some have religious beliefs against insurance (yea, sound weird, but it is seen as gambling or trying to prevent 'God's will').

Anyway, 45 million sounds like a lot, but overall, that means about 85% of Americans do have some insurance (it is a big country after all with over 300 million people). Most get it from their employers, with the lucky ones having it fully paid by the company and most having to pay a portion or all of their health care expense.

http://www.cbpp.org/8-29-06health.htm

Do not even think of living without insurance, even for yourself. Even if you get some minimal coverage (i.e. 'just for emergencies') you'll be better than nothing at all.

A few terms to know:

co-pay -- you got that one

in network/out of network--I think you got that. Some doctors agree to be in a network of insurance, some don't. This can be annoying when you are sent to get tests at 'such and such lab' and that lab says 'oh, we're not in that plan, you need to go to this lab across town.'

deductible--the amount you have to pay first before the insurance kicks in. i.e. the first $500 of health care expenses are yours, after that the deductible has been met and the insurance company pays 100%, or 90%, etc.

premium--the amount each month you pay.

Start here:

https://www.ehealthinsurance.com/ehi...allid=Pay23590

Input your birthday and zip code and you'll get dozens of different plans that will show different levels of coverage, deductibles and co-pays. You can start to get an idea about what to expect from your monthly paycheck.

Many small businessmen will join 'associations' like the 'Gas Station Owners Association' or the 'Chamber of Commerce' because sometimes these groups band together and make insurance plans available to their members at a slightly lower fee than you would pay just buying direct.

Here is a good primer on insurance

http://en.wikipedia.org/wiki/Health_insurance

Good luck.

That's marvelous, thanks very much. Don't worry, we had no intention of going without any cover and I'm pretty sure my employer will cover it (some at least if not all) but I want to be prepared when I speak to them and failing it all, I'll try for a higher salary and pay for my own.


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