NLIC.org

Zachary Said:

Can a small business charge an employee more for insurance premiums than they actually cost?

We Answered:

You cannot offer group insurance to your employees for profit. Most carriers underwriting guidlines further require you to pay a portion of their benefits somewhere in the area of 50% or a defined contribution.

You should talk to an agent....

Most carriers will allow you to write a small group with as little as one enrolled if you have two elgible employees. In theory you can have a qualified waiver due to other insurance (You and wife) and just have the one employee enroll. Carriers will vary so you will want to reach out to a top notch agent in your area that specializes in small group.

Drop me a line if you want to discuss.

Jeffrey Said:

is key man insurance premiums deductable to the business?

We Answered:

It is your choice, you can pay with before tax dollars, but then the proceeds, when the person dies, will be considered taxable income. however, if you pay the premiums with after tax dollars, then you will receive the face value as non-taxable dollars.

Dawn Said:

Can you deduct the standard deduction and health insurance premiums?

We Answered:

Pick one.

Janet Said:

Why don't female business entrepreneurs get lower business insurance premiums than men?

We Answered:

Where in the world do you get the idea that male owned businesses cost insurers 60% more? I haven't seen anything AT ALL to support that information. Or rather, I've never seen any indicator that gender of majority stockholder has ANY bearing on future claims.

MOST businesses are set up as corporations or LLC's. A fair amount of contractor businesses, are set up under the name of the spouse, for "shell" reasons. Corporations are genderless.

Your statistics cannot be verified . . . because I think you made them up. I've been working in commercial insurance for over 20 years, and line of business and SIC codes are a much more accurate predictor of future loss. I've never, EVER seen, for example, any evidence that a roofing business owned by a woman, has fewer or smaller claims than a roofing business owned by a man.

Anna Said:

Unemployment Insurance premiums for small business. Can someone tell me what the ui insurance premiums would?

We Answered:

depends on your state - you will pay a certain % of teh first $X that each employee earns each yr - new companies, especially in construction, usually pay high rates, because of high number of layoffs in the construction industry

like in Penna, you only pay unemployment taxes on the first $8000 each employee makes each yr - your rate might be 8% in construction, so you would pay no more than $640 a yr in unemployment taxes per yr

you will need to apply for a state tax license for withholding state income tax and in most states, a separate unemployment tax acct

find your states dept. of revenue website - every state has a different rate system and a different limit on the "taxable" wages

you will also need a Federal ID # (FEIN) for federal payroll taxes and will have to makes deposits on time (probably weekly) or get nailed with big penalties and interest and you have to file monthly or quarterly tax returns for all those different taxes