Personal Finance Employer increased my salary to cover my health insurance as a “benefit”, is it tax deductible? |
- Employer increased my salary to cover my health insurance as a “benefit”, is it tax deductible?
- How to move out at 18
- How do I make 2022 the year I finally get to grips with money
- I'm 32 and just started saving for retirement a year ago. Am I doing enough?
- Received a windfall after lifetime of poverty. Blew it. How to get out of this hole?
| Employer increased my salary to cover my health insurance as a “benefit”, is it tax deductible? Posted: 31 Dec 2021 09:42 PM PST Been at my employer for a year and a half. About a year ago I was offered "health benefits", by the cost of my health insurance being increased in my pay. I still pay for my health insurance. Is this tax deductible? Thank you [link] [comments] |
| Posted: 01 Jan 2022 12:07 AM PST Hello, I am at a stand still point where I need to move out as I am in a extremely toxic household and want to get out and start a life of my own ASAP. Currently I don't work a job as I am a student athlete in college and I live on campus in another state (currently not paying student loans as I am on scholarship ) but I am looking to un enroll as there isn't any time for me to work as I can't pay for expenses like food gas etc. I currently have a car, but it is owned by my parents, as i am giving it back, and I want to get my own car. I have a credit history and it says on my banking app my score is 750 but that's only because i was piggy backing on parents credit card. I have ID, social, all that. Without any place to stay, no car, and about 1k saved up starting from square one , what would be my best option ? [link] [comments] |
| How do I make 2022 the year I finally get to grips with money Posted: 31 Dec 2021 10:44 PM PST Money and saving advice I am a 21 year old in university in the UK. I currently pay £550 a month (bills included) for a flat while I'm at uni. I am thankful to get help in paying this (£300), I work three contract shifts Sunday, Tuesday and Wednesday and try do any overtime available. Roughly I earn £800-£1200 a month. I get a student loans (£1200 + £800 grant) 3 times a year. I have £2000 in stocks, £1059 in an ISA and £4100 in savings. This year I am basically looking to save more money so I can travel after uni and potentially buy a house as I have no option to move back with parents nor would I want to. I need advice about the best way to save in the next two years and whether or not this is a good amount saved. I am planning on getting a second job purely for investing. Would love to start an online business or just do something so I had more options to make money. Thank you [link] [comments] |
| I'm 32 and just started saving for retirement a year ago. Am I doing enough? Posted: 01 Jan 2022 04:00 AM PST Hi everyone. Growing up, I never had a job that would allow me enough money to save for retirement. I've always either worked jobs without benefits or freelanced. Now that I own my own business and am finally starting to earn a decent income, I've been putting away for retirement. I'm worried that I am far behind. Currently, I do this:
Should I be doing more? I'm attending law school within the next two years and will prioritize joining a firm with a 401(k). [link] [comments] |
| Received a windfall after lifetime of poverty. Blew it. How to get out of this hole? Posted: 01 Jan 2022 12:06 AM PST I'm 28 years old. Until I was 26, all I knew was poverty and precarious employment. As a teenager, my parents disowned me when they found out I was a lesbian, and I finished high school living in a friend's guest room. I was ineligible for student loans (long story; the parental disownment has a lot to do with it) so I paid for college by cobbling together scholarships, working part-time during the school year, and working full-time during the summer. After college, I was hired in a steady office job at a company that went under six months into my time there. From then on -- so, about age 22 to 26 -- I paid my rent and bills through contract work, freelance writing, and occasional public assistance. Freelance writing proved to be the most fruitful income stream for me. I started publishing pretty regularly with some prestigious publications, and eventually, I signed with a literary agent. I wrote a novel. In the fall of 2019, my agent submitted it to publishers. When I asked him how much he expected the novel to sell for, he told me that he'd never sold a debut novel for less than $20,000. My income for 2019 up to that point was $28,000, so $20,000 sounded like a life-changing amount of money to me. I was living, at the time, in an apartment with roach and ant infestation, and the occasional mouse. I thought that if my book sold for $20,000, I might be able to move into a place without bugs. And then my novel sold for $500,000. I have to pause and break down the details here. It was a two-book deal. I would receive $250,000 for the first novel, and another $250,000 for a second novel, yet to be written. Each payment would be broken down into four portions:
I met with an accountant, who advised me to set aside a percentage of my money for tax and not to touch it. I calculated the amount of tax I'd have to pay on my income in 2020. When my first book payment arrived, in the spring of 2020, for $125,000, I immediately maxed out my yearly retirement contributions, and slid (what I thought) was the amount of tax I'd have to pay into a savings account. My contract stated that the final draft of my book was due on September 30, 2020, so I was anticipating another payment of $62,500 then. I budgeted accordingly. I moved into a two-bedroom apartment in a building with a pool and a gym, paying $3,000 a month (up from, like, $650 at the roach motel). And then COVID hit. The September 2020 payment never materialized. My novel needed two rounds of editing, and due to delays on my publisher's end, I wasn't able to submit the complete and final draft until spring of this year. It messed with my budgeting for 2020. Assuming I had money to burn, I'd donated a lot of it, and even paid a few months of rent for a couple of close friends who were left unemployed. And I also blew a lot of money on just, like, nice things for myself, because I'd never had them before, lol. Still, I thought I was fine until March 2021, when the tax bill came due. It was nearly double what I'd calculated. On top of that, no one had told me I'd have to begin paying next year's tax bill in quarterly instalments (!!!), and the first 2021 quarter was already due. I was totally blindsided. I felt so stupid. But, again, I thought I was okay, because my contract specified that I'd be getting paid $62,500 for the second novel in September of 2021, and I was on track to finish it. But guess what? More editorial delays! I still have not received editorial feedback on that second novel and it's nowhere near final. So: some of this is my fault, some of this is my publisher's fault, and some of it is COVID's. Nobody ever taught me how to manage money; until very recently, I never had any money to manage. At any rate, I am now down to $6,000. (I have much more in my retirement savings account, but I'm unable to access it.) I have $2,500 in credit card debt. My lease is up in March. I know I'll have to move out, but I don't know how I'll afford to move, or even put down a deposit anywhere. I will have to make another quarterly tax payment in March. As for income, my next confirmed $62,500 payment from my publisher is not until August of this year. I have, to put it frankly, no fucking idea what to do. Or how to get back on track. My most immediate priority is figuring out where to live after March and how to pay my next tax bill. In a more long-term sense, I desperately need to figure out how to manage my money effectively and deal with stuff like shifts in payment dates. I want to get out of this hole; I also never want to fall back into it again. What do I do? Any advice at all is very welcome. Please just don't be rude; believe me, I know that I fucked this up. [link] [comments] |
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