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.
New figures from the Office for National Statistics reveal the depths of low pay and the grotesque chasm between a rich one per cent and the other 99% of the country. Four in five new jobs are in sectors averaging under Â£16,640 for a 40-hour week. Working full-time on the Â£6.31 hourly minimum wage would gross just Â£13,124 in a year. And an explosion of part-time jobs shows millions of workers canât even earn that pittance. TUC leader Frances OâGrady said: âWorkers need better pay rises so that the recovery is built on growing incomes.â.