• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Have faith in group health insurance

by on
in Employee Benefits Program,Human Resources

Q. My church offers group health insurance where employees pay 50% of the premiums. Is the church contribution a taxable benefit? L.F., via e-mail

A.
No. As with for-profit business entities, the cost of the employer-provided health insurance generally is tax-free to the employees. The employees are taxed on wages contributed to the health insurance payments. They may include these contributions in the computation of the medical expense deduction on their individual tax returns.

Tip: If the church sets up flexible spending accounts (FSAs), employees can allocate funds on a pretax basis to accounts used for health care expenses, thereby saving tax. 

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/9463/have-faith-in-group-health-insurance "

Leave a Comment