1 If your health insurance premiums are paid entirely by your employer or the government, you cannot deduct the cost. 2  If you have health insurance through your employer and your share of the premium is deducted from your paycheck pre-tax, you cannot deduct the cost because the premiums were tax-free already.
For example, an employee earning minimum wage and working a full 40 hours per week currently takes home a gross pay of $290 per week. In theory, a $1.75 minimum-wage hike would increase that employeeâs gross pay to $360 per week. However, thatâs only if that employee continues to work 40 hours per week, a scenario that will become increasingly less realistic under Obamacare, which gives employers a huge incentive to cut worker hours.
If you make $20 an hour and work 37.5 hours per week, your annual salary is $20 x 37.5 x 52, or $39,000. If you'd like to figure out your exact hourly wage from your annual salary, you again need to figure out how many hours a week you work. The average, full-time, salaried employee works 40 hours a week.