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I need your help - I'm working on putting together a medical benefit package for my employees. I don't know that I can afford to pay for all of it, so I'm thinking about giving a $200 'allowance' per month for every employee, and they can choose to cover who they want (apply the $$ to single coverage, or spread the $$ over a whole family, and end up having to kick in about $250 of their own).
What I'm wondering about is:
For those that opt out of coverage - should they get a portion of that allowance in $$ added to their check?
How to administer that w/ paychecks - I'll ask my accountant as well (but you folks charge much less than my accountant does
). What are the tax implications of this allowance? Am I on the hook for more $$ in taxes on top of the allowance?
Any and all thoughts are welcome.
What I'm wondering about is:
For those that opt out of coverage - should they get a portion of that allowance in $$ added to their check?
How to administer that w/ paychecks - I'll ask my accountant as well (but you folks charge much less than my accountant does
Any and all thoughts are welcome.