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Household Finances

Woot!

18 years ago

I don't even know what that means. I hope it's not vulgar. It's a World of Warcraft expression my DH uses to indicate joy.

I got my W2 and found that my income was less than I thought (I know, not something to leap about!) Turns out the premiums I pay for HI which are close to a third of my income (I work part-time) were taken out pre-tax. (Not last year... I wonder why?) Anyway instead of having to pay it looks like we are getting a refund.

It was good news for my DH who had a rotten birthday (his new hire took another job, teenage son had a rare meltdown causing a ripple effect in the family-- every member in sobs.)

I do wish I got this tax stuff better. I try but find it very puzzling.

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Comments (5)

harriethomeowner
18 years ago
We gave up doing our own taxes some time ago. With two people working, plus a small self-employment income and a rental property (and now one in another state), it's all too complicated. We pay about $500 per year, and it's well worth it. Besides the fact that I'm sure she's saved us some money, we know it's being done correctly.
western_pa_luann
18 years ago
"I don't even know what that means. I hope it's not vulgar. It's a World of Warcraft expression my DH uses to indicate joy."

Not vulgar... but it is usually typed w00t... using zeros.
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deerslayer
18 years ago
You may now have a "cafeteria" plan. A cafeteria plan is a separate written plan maintained by an employer for employees that meets the specific requirements of and regulations of section 125 of the Internal Revenue Code. It provides participants an opportunity to receive certain benefits on a pretax basis. Participants in a cafeteria plan must be permitted to choose among at least one taxable benefit (such as cash) and one qualified benefit.

A qualified benefit is a benefit that does not defer compensation and is excludable from an employeeÂs gross income under a specific provision of the Code, without being subject to the principles of constructive receipt. Qualified benefits include:

* Accident and health benefits (but not Archer medical savings accounts or long-term care insurance);
* Adoption assistance;
* Dependent care assistance;
* Group-term life insurance coverage;
* Health savings accounts, including distributions to pay long-term care services.

The written plan must specifically describe all benefits and establish rules for eligibility and elections.

A section 125 plan is the only means by which an employer can offer employees a choice between taxable and nontaxable benefits without the choice causing the benefits to become taxable. A plan offering only a choice between taxable benefits is not a section 125 plan.
demeron
Original Author
18 years ago
Yes, thanks, I think it is a cafeteria plan.

Alas, it looks like we are going to miss the stimulus rebate by $2K, which is unfortunate. They were going to have phase-outs, but I don't see any mention of that in the more recent news. Anybody know?
deerslayer
18 years ago
The stimulus plan keeps changing. Here's the latest info...less than an hour old.

Stimulus Plan

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