employer provided health coverage

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J.K. Lasser's New Tax Law Simplified: Tax Relief From the HIRE Act, Health Care Reform, and More by Barbara Weltman

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Affordable Care Act / Obamacare, Bernie Madoff, employer provided health coverage, estate planning, Home mortgage interest deduction, mortgage debt, Ponzi scheme

Health Insurance Premium Assistance Credit Starting in 2014, if you purchase your own coverage and your income is below set limits, you can qualify for a federal tax credit to help you cover the cost of health insurance. The health insurance premium assistance credit is supposed to ensure that you pay no more than a certain percentage of your income to carry health coverage. The credit ranges from 100 percent to 400 percent of the federal poverty level. Anyone with employer-provided health coverage cannot claim the credit unless the health coverage is below certain coverage standards or an employee’s share of premium costs exceeds 9.5 percent of the employee’s income. The credit is refundable, which means you get a tax refund if the credit exceeds your tax bill for the year. Coverage for Children under Age 27 In the past, employers and insurers limited coverage for employees’ dependents to children still in school and/or under the age of 23 or so.

The rules for reporting wages and other benefits earned by workers in 2010 have not changed. Starting in 2011, the W-2 form will have to include the value of health coverage, whether such cost is paid by the employer, the employee, or both. Work with your insurer to determine this amount. 147 P1: OTA/XYZ P2: ABC c07 JWBT413/Weltman 148 October 14, 2010 15:18 Printer Name: Yet to Come TAX-SAVING CHANGES FOR THE SELF-EMPLOYED In 2013 and later years, employers who provide health coverage will have to report this to the IRS. The way in which this will be done has yet to be determined. Also in 2013, employers will have to withhold the additional Medicare tax on employees earning more than $200,000. However, for their married employers, they are not required to ask about spousal earnings (which ultimately impact the employee’s additional Medicare tax). Simple Cafeteria Plans Cafeteria plans can be used by a small business to offer a menu of benefits to employees, allowing them to choose the ones they value the most.

 

pages: 518 words: 147,036

The Fissured Workplace by David Weil

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accounting loophole / creative accounting, affirmative action, Affordable Care Act / Obamacare, banking crisis, barriers to entry, business process, call centre, Carmen Reinhart, Cass Sunstein, Clayton Christensen, clean water, collective bargaining, corporate governance, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, declining real wages, employer provided health coverage, Frank Levy and Richard Murnane: The New Division of Labor, George Akerlof, global supply chain, global value chain, hiring and firing, income inequality, intermodal, inventory management, Jane Jacobs, Kenneth Rogoff, law of one price, loss aversion, low skilled workers, minimum wage unemployment, moral hazard, Network effects, new economy, occupational segregation, performance metric, pre–internet, price discrimination, principal–agent problem, Rana Plaza, Richard Florida, Richard Thaler, Ronald Coase, shareholder value, Silicon Valley, statistical model, Steve Jobs, supply-chain management, The Death and Life of Great American Cities, The Nature of the Firm, transaction costs, ultimatum game, union organizing, women in the workforce, Y2K, yield management

• Fewer and fewer workers have pensions: the proportion of private sector workers with some form of pension fell from 51% in 1979 to 43% in 2009. Of those workers who have them, the vast majority now have defined contribution plans that shift the risk of retirement income onto the worker.7 • Among low-wage workers, the U.S. Bureau of Labor Statistics in its 2007 National Compensation Survey reported that only 24% in the bottom quintile of the wage distribution had employer-provided health coverage, compared to 62% of workers in the middle-wage quintile.8 • In 2012 the U.S. Department of Labor recovered a record level of back wages from employers—representing the difference between wages workers received and what the law says their employers are responsible for paying. Many of the industries where researchers in recent years have found high rates of violations of basic labor standards and worsening employment conditions coincide with industries where fissuring is most advanced.

The averages mask differences in the components of employer hourly costs across workers, occupations, and industries. For example, wages and salaries for service workers account for 71% and legally required benefits account for 9.3% of employer hourly costs because employees in service industries typically receive far lower insurance and retirement benefits than workers in other industries. 3. In making more employers responsible for providing health care coverage to their workforce, the Affordable Care Act of 2010 changes these dynamics both for lead and subordinate businesses in complicated ways. For example, the costs of providing health care benefits may be lower per worker for a larger versus a smaller business. If subordinate businesses are now required to provide coverage, their costs of providing services to lead businesses will increase, thereby changing the private calculus of hiring additional workers versus using a subcontractor or temporary agency to provide them.

 

pages: 602 words: 120,848

Winner-Take-All Politics: How Washington Made the Rich Richer-And Turned Its Back on the Middle Class by Paul Pierson, Jacob S. Hacker

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accounting loophole / creative accounting, affirmative action, asset allocation, barriers to entry, Bonfire of the Vanities, business climate, carried interest, Cass Sunstein, clean water, collective bargaining, corporate governance, Credit Default Swap, David Brooks, desegregation, employer provided health coverage, financial deregulation, financial innovation, financial intermediation, full employment, Home mortgage interest deduction, Howard Zinn, income inequality, invisible hand, knowledge economy, laissez-faire capitalism, Martin Wolf, medical bankruptcy, moral hazard, Nate Silver, new economy, night-watchman state, offshore financial centre, oil shock, Ralph Nader, Ronald Reagan, shareholder value, Silicon Valley, The Wealth of Nations by Adam Smith, too big to fail, trickle-down economics, union organizing, very high income, War on Poverty, winner-take-all economy, women in the workforce

Katz, The Race Between Education and Technology (Cambridge, MA: Belknap Press, 2008). 36 National Center for Educational Statistics, “Economic Outcomes—Table 20–1. Median Annual Earnings of Full-Time, Full-Year Wage and Salary Workers Ages 25–34, by Educational Attainment, Sex, and Race/Ethnicity: Selected Years, 1980–2006,” U.S. Department of Education, Institute of Education Sciences, http://nces.ed.gov/programs/coe/2008/section2/table.asp?tableID=894. 37 Liana Fox and Elise Gould, “Employer-Provided Health Coverage Declining for College Grads in Entry-Level Jobs,” Economic Snapshots, Economic Policy Institute (July 18, 2007), http://www.epi.org/economic_snapshots/entry/webfeatures_snapshots_20070718/. 38 Leslie McCall, “Expanding Levels of Within-Group Wage Inequality in U.S. Labor Markets,” Demography 37, no. 4 (2000): 415–30; Thomas Lemieux, “Increasing Residual Wage Inequality: Composition Effects, Noisy Data, or Rising Demand for Skill?”

 

pages: 339 words: 88,732

The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies by Erik Brynjolfsson, Andrew McAfee

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2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, access to a mobile phone, additive manufacturing, Airbnb, Albert Einstein, Amazon Mechanical Turk, Amazon Web Services, American Society of Civil Engineers: Report Card, Any sufficiently advanced technology is indistinguishable from magic, autonomous vehicles, barriers to entry, Baxter: Rethink Robotics, British Empire, business intelligence, business process, call centre, clean water, combinatorial explosion, computer age, computer vision, congestion charging, corporate governance, crowdsourcing, David Ricardo: comparative advantage, employer provided health coverage, en.wikipedia.org, Erik Brynjolfsson, factory automation, falling living standards, Filter Bubble, first square of the chessboard / second half of the chessboard, Frank Levy and Richard Murnane: The New Division of Labor, Freestyle chess, full employment, game design, global village, happiness index / gross national happiness, illegal immigration, immigration reform, income inequality, income per capita, indoor plumbing, industrial robot, informal economy, inventory management, James Watt: steam engine, Jeff Bezos, jimmy wales, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Khan Academy, knowledge worker, Kodak vs Instagram, law of one price, low skilled workers, Lyft, Mahatma Gandhi, manufacturing employment, Mark Zuckerberg, Mars Rover, means of production, Narrative Science, Nate Silver, natural language processing, Network effects, new economy, New Urbanism, Nicholas Carr, Occupy movement, oil shale / tar sands, oil shock, pattern recognition, payday loans, price stability, Productivity paradox, profit maximization, Ralph Nader, Ray Kurzweil, recommendation engine, Report Card for America’s Infrastructure, Robert Gordon, Rodney Brooks, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Simon Kuznets, six sigma, Skype, software patent, sovereign wealth fund, speech recognition, statistical model, Steve Jobs, Steven Pinker, Stuxnet, supply-chain management, TaskRabbit, technological singularity, telepresence, The Bell Curve by Richard Herrnstein and Charles Murray, The Signal and the Noise by Nate Silver, The Wealth of Nations by Adam Smith, total factor productivity, transaction costs, Tyler Cowen: Great Stagnation, Vernor Vinge, Watson beat the top human players on Jeopardy!, winner-take-all economy, Y2K

As digital technologies keep acquiring new skills and capabilities, these same organizations will increasingly have another option: they’ll be able to make use of digital laborers rather than humans. The more expensive human labor is, the more readily employers will switch over to machines. And since payroll taxes make human labor more expensive, they’ll very likely have the effect of hastening this switch. Mandates like employer-provided health care coverage have the same effect; they too appear as a tax on human labor and so discourages it, all other things being equal.21 We bring up these points not because we dislike Social Security or health care coverage. We like both of them a great deal and want them to continue. We simply point out that these and other popular programs are financed, in whole or in part, by taxes on labor. This might have been an appropriate idea when there were no viable alternatives to humans for most jobs, but that is no longer the case.

 

pages: 212 words: 70,224

How to Retire the Cheapskate Way by Jeff Yeager

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asset allocation, car-free, employer provided health coverage, estate planning, financial independence, fixed income, pez dispenser, rent control, ride hailing / ride sharing, risk tolerance, Ronald Reagan, Zipcar

At almost $1,000 per month in premiums (all of which we needed to pay for ourselves), plus various deductibles, co-pays, and the like, I began to realize what a valuable employer-provided benefit I’d been taking for granted all these years. Of course, employers haven’t always paid such astronomical amounts for their employee health plans. The skyrocketing cost of health care in the United States is the reason why many employers are now dropping their plans for employees altogether or are now requiring employees to bear a larger and larger burden of the costs themselves. And employers who continue to provide gratis (or even subsidized) health-care coverage to employees after they retire—a practice that in generations past was very common—are now about as rare as a proctologist who also practices dentistry. So, for the first eighteen months after leaving my former position (i.e., the period when we were entitled to continue coverage under COBRA, at our own expense), we were spending about $16,000 per year in premiums, deductibles, co-pays, and medical costs not covered by insurance, and that was just for the two of us.

 

pages: 311 words: 130,761

Framing Class: Media Representations of Wealth and Poverty in America by Diana Elizabeth Kendall

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Bernie Madoff, blue-collar work, Bonfire of the Vanities, call centre, David Brooks, declining real wages, Donald Trump, employer provided health coverage, ending welfare as we know it, framing effect, Georg Cantor, Gordon Gekko, greed is good, haute couture, housing crisis, illegal immigration, income inequality, lump of labour, mortgage tax deduction, new economy, payday loans, Ponzi scheme, Ray Oldenburg, Richard Florida, Ronald Reagan, Saturday Night Live, telemarketer, The Great Good Place, Thorstein Veblen, trickle-down economics, union organizing, upwardly mobile, urban planning, working poor

The newspaper account of the rise in the poverty rate is an example of a thematically framed article that views the poor primarily as statistics rather than real people: In the recession, the nation’s poverty rate climbed to 13.2 percent last year, up from 12.5 percent in 2007, according to an annual report released Thursday by the Census Bureau. The report also documented a decline in employer-provided health insurance and in coverage for adults. The rise in the poverty rate, to the highest level since 1997, portends even larger increases this year, which has registered far higher unemployment than in 2008, economists said. The bureau said that 39.8 million residents last year lived below the poverty line, defined as an income of $22,025 for a family of four.41 On television, a story like this may be accompanied by video footage of a poor Latino or African American man shuffling despondently down a city street.

 

pages: 252 words: 75,349

Spam Nation: The Inside Story of Organized Cybercrime-From Global Epidemic to Your Front Door by Brian Krebs

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barriers to entry, bitcoin, Brian Krebs, cashless society, defense in depth, Donald Trump, employer provided health coverage, mutually assured destruction, offshore financial centre, payday loans, pirate software, placebo effect, ransomware, Silicon Valley, Stuxnet, the payments system, transaction costs, web application

 

pages: 2,045 words: 566,714

J.K. Lasser's Your Income Tax by J K Lasser Institute

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Affordable Care Act / Obamacare, airline deregulation, asset allocation, collective bargaining, distributed generation, employer provided health coverage, estate planning, Home mortgage interest deduction, medical malpractice, medical residency, mortgage debt, mortgage tax deduction, passive income, Ponzi scheme, profit motive, rent control, telemarketer, transaction costs, urban renewal, zero-coupon bond

Graduate students who are teaching or research assistants are not taxed on tuition reduction unless the reduction is compensation for teaching services (3.7). Working condition benefits Benefits provided by your employer that would be deductible if you paid the expenses yourself are a tax-free working condition fringe benefit. These include business use of a company car or employer-provided cell phone (3.9). 3.1 Tax-Free Health and Accident Coverage Under Employer Plans You are not taxed on contributions or insurance premiums your employer makes to a health, hospitalization, or accident plan to cover you, your spouse, your dependents, and your children under age 27 whether or not they can be claimed as your dependents. If you obtain coverage by making pre-tax salary-reduction contributions under your employer’s cafeteria plan (3.14), the salary reductions are treated as employer contributions that are tax free to you.

If you retire and have the option of receiving continued coverage under the medical plan or a lump-sum payment covering unused accumulated sick leave instead of coverage, the lump-sum amount is reported as income at the time you have the option to receive it. If you elect continued coverage, the amount reported as income may be deductible as medical insurance if you itemize deductions (17.5). If your employer provides health and accident coverage to your live-in companion who is not recognized as your “spouse” under state law or as your “dependent” (even if support and household membership tests in Chapter 21 are met) because the relationship violates local law, you are taxed on the value of the coverage in excess of what you paid (on an after-tax basis) for it. Furthermore, under the 1996 Defense of Marriage Act (DOMA), a gay or lesbian partner is not recognized as a spouse for federal tax purposes, regardless of whether state law recognizes same-sex marriage.

H Head of household. Generally, an unmarried person who maintains a household for dependents and is allowed to compute his or her tax based on head of household rates, which are more favorable than single person rates; see 1.12. Health reimbursement arrangement (HRA). Employer established account that provides tax-free reimbursements to employees for deductibles and other expenses that could be taken as itemized deductions; see 3.3. Health savings account. For calendar year 2012, taxpayers covered by an HDHP may contribute up to $3,100 ($6,250 for family coverage) plus $1,000 extra if age 55 or older; see 3.2 and 41.11. High deductible health plan (HDHP). For 2012, a high deductible health plan is a health plan with an annual deductible that is not less than $1,200 for self-only coverage or $2,400 for family coverage, and with annual out-of-pocket expenses that do not exceed $6,050 or $12,100, respectively.

 

pages: 538 words: 138,544

The Story of Stuff: The Impact of Overconsumption on the Planet, Our Communities, and Our Health-And How We Can Make It Better by Annie Leonard

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air freight, banking crisis, big-box store, blood diamonds, Bretton Woods, California gold rush, carbon footprint, clean water, Community Supported Agriculture, dematerialisation, employer provided health coverage, energy security, European colonialism, Firefox, Food sovereignty, Ford paid five dollars a day, full employment, global supply chain, income inequality, Indoor air pollution, intermodal, Jeff Bezos, job satisfaction, McMansion, new economy, oil shale / tar sands, peak oil, Ralph Nader, renewable energy credits, Silicon Valley, special economic zone, supply-chain management, the built environment, trade liberalization, trickle-down economics, union organizing, Wall-E, Whole Earth Review, Zipcar

By contrast, in 2007 Wal-Mart’s CEO, Lee Scott, earned $29.7 million, or 1,550 times the annual income of an average full-time Wal-Mart associate.75 Watchdog groups report that stores are regularly understaffed to save the corporation even more money, and managers have been caught secretly deleting hours, especially overtime, from time cards.76 Employees are paid so little that most can’t afford the company health care program, resulting in about half of Wal-Mart’s 1.4 million U.S. employees not being covered by the plan.77 Often workers are outright encouraged by Wal-Mart management to get federal assistance like Medicaid, food stamps, and subsidized housing. In fact, according to the Washington, D.C., based organization Good Jobs First, in the twenty-one out of twenty-three states for which data is available, Wal-Mart forces more employees to rely on taxpayer-funded health care than any other employer.78 So instead of Wal-Mart providing many employees with health care coverage, the American taxpayer does. Nor does taxpayer support of the company end there. We unwitting taxpayers have heavily subsidized Wal-Mart’s success. Good Jobs First maintains a project called Wal-Mart Subsidy Watch that tracks and exposes how U.S. taxpayer money supports Wal-Mart’s operations, like the “more than $1.2 billion in tax breaks, free land, infrastructure assistance, low-cost financing and outright grants from state and local governments around the country.”79 And just try to put a dollar value on the social fabric of a community, which Wal-Mart megastores have repeatedly undermined.

 

pages: 294 words: 85,811

The Healing of America: A Global Quest for Better, Cheaper, and Fairer Health Care by T. R. Reid

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Berlin Wall, British Empire, double helix, employer provided health coverage, fudge factor, medical malpractice, profit maximization, profit motive, single-payer health, South China Sea, the payments system

 

pages: 375 words: 88,306

The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism by Arun Sundararajan

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3D printing, additive manufacturing, Airbnb, Amazon Mechanical Turk, autonomous vehicles, barriers to entry, bitcoin, blockchain, Burning Man, call centre, collaborative consumption, collaborative economy, collective bargaining, corporate social responsibility, cryptocurrency, David Graeber, distributed ledger, employer provided health coverage, Erik Brynjolfsson, ethereum blockchain, Frank Levy and Richard Murnane: The New Division of Labor, future of work, George Akerlof, gig economy, housing crisis, Howard Rheingold, Internet of things, inventory management, invisible hand, job automation, job-hopping, Kickstarter, knowledge worker, Kula ring, Lyft, megacity, minimum wage unemployment, moral hazard, Network effects, new economy, Oculus Rift, pattern recognition, peer-to-peer lending, profit motive, purchasing power parity, race to the bottom, recommendation engine, regulatory arbitrage, rent control, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Coase, Second Machine Age, self-driving car, sharing economy, Silicon Valley, smart contracts, Snapchat, social software, supply-chain management, TaskRabbit, The Nature of the Firm, total factor productivity, transaction costs, transportation-network company, two-sided market, Uber and Lyft, Uber for X, universal basic income, Zipcar

 

pages: 554 words: 167,247

Money, Politics, Back-Room Deals, and the Fight to Fix Our Broken Healthcare System by Steven Brill

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Affordable Care Act / Obamacare, barriers to entry, Bernie Sanders, business process, call centre, collapse of Lehman Brothers, collective bargaining, crony capitalism, desegregation, Donald Trump, Edward Snowden, employer provided health coverage, medical malpractice, Menlo Park, Nate Silver, obamacare, Potemkin village, Ronald Reagan, Saturday Night Live, side project, Silicon Valley, the payments system, young professional

Within days, an analyst from Wall Street’s Bernstein Research reported that “as we previously anticipated, the medical [device] industry tax was reduced,” because of the industry’s lobbying efforts. “The impact of the reduced tax looks manageable to us,” the analyst concluded, “especially when offset by the benefits of expanded coverage.” Blanche Lincoln of Arkansas wanted a change that would ease the penalty on employers who did not provide health insurance by allowing them to delay coverage for three months for new employees after a one-month orientation period. (Walmart, among other home-state businesses, was concerned.) Lincoln got it. But she gave up her opposition to a tax on tanning bed services, even though many of the beds were made in her state, because Reid wanted to placate the lobbyists for the dermatologists, the drug companies that sold Botox, and the plastic surgeons.

 

pages: 554 words: 167,247

America's Bitter Pill: Money, Politics, Backroom Deals, and the Fight to Fix Our Broken Healthcare System by Steven Brill

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Affordable Care Act / Obamacare, barriers to entry, Bernie Sanders, business process, call centre, collapse of Lehman Brothers, collective bargaining, crony capitalism, desegregation, Donald Trump, Edward Snowden, employer provided health coverage, medical malpractice, Menlo Park, Nate Silver, obamacare, Potemkin village, Ronald Reagan, Saturday Night Live, side project, Silicon Valley, the payments system, young professional

Within days, an analyst from Wall Street’s Bernstein Research reported that “as we previously anticipated, the medical [device] industry tax was reduced,” because of the industry’s lobbying efforts. “The impact of the reduced tax looks manageable to us,” the analyst concluded, “especially when offset by the benefits of expanded coverage.” Blanche Lincoln of Arkansas wanted a change that would ease the penalty on employers who did not provide health insurance by allowing them to delay coverage for three months for new employees after a one-month orientation period. (Walmart, among other home-state businesses, was concerned.) Lincoln got it. But she gave up her opposition to a tax on tanning bed services, even though many of the beds were made in her state, because Reid wanted to placate the lobbyists for the dermatologists, the drug companies that sold Botox, and the plastic surgeons.

 

pages: 372 words: 152

The End of Work by Jeremy Rifkin

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banking crisis, Bertrand Russell: In Praise of Idleness, blue-collar work, cashless society, collective bargaining, computer age, deskilling, Dissolution of the Soviet Union, employer provided health coverage, Erik Brynjolfsson, full employment, future of work, general-purpose programming language, George Gilder, global village, hiring and firing, informal economy, interchangeable parts, invention of the telegraph, Jacques de Vaucanson, job automation, John Maynard Keynes: technological unemployment, knowledge economy, knowledge worker, land reform, low skilled workers, means of production, new economy, New Urbanism, pink-collar, post-industrial society, Productivity paradox, Richard Florida, Ronald Reagan, Silicon Valley, speech recognition, strikebreaker, technoutopianism, Thorstein Veblen, Toyota Production System, trade route, trickle-down economics, women in the workforce, working poor, working-age population, Works Progress Administration