Is premium taxes a part of acquistion costs for insurance?
Premium taxes are levied by the state government in which the policy is issued
Yes,, You can’t buy it without paying the required Taxes.
If your employer offers health insurance and you opt not to have it are they required to compensate you for the cost of a premium?
No. Keep in mind that insurance coverage is very expensive and the employer, as a rule bears the largest amount.
If an employee dies will the insurance refund the unused part of the premium?
Depends on how often the premium was paid…. .
For more info. see www.steveshorr.com .
Generally speaking, if the premium was paid on a monthly (or morefrequent) basis, the response is NO. If less frequently (i.e.quarterly, bi-annually, or annually), then most will refund theprorated amount, rounded to some reasonable number (i.e. typicallya week). The exact specifics will be found in the policyitself.
How do you get insurance premium?
I need your question too be a little more in depth. Are you asking how insurance companies come up with the rate they charge.
Can your homeowner’s insurance premium be included in closing costs?
Your homeowners insurance premium SHOULD be included in yourclosing costs. Now as far as asking the sellers to pay for it–youcan ask them to pay for anything–it’s up to them whether or notto.
What would your premium cost if you were previously not insured?
Some companies will not insure a person or vehicle that have went uninsured for any length of time, others will. You will need to contact an agent for the reaction.
Are life insurance premiums deductible on year end taxes?
No. That’s why the proceeds aren’t taxed as income. Reaction Correct…premiums are taxable. Death benefits are generally not taxed as income. Also if it is permanent life insurance policy and has some cash value built up and you take that cash out, the amount of cash less the premiums paid into the policy (“your build up”) is taxable. Extra comment: Actually, if you take your cash value out as a loan, you do not have to pay taxes on “gains” as long as the life insurance is in place, hopefully until you die.
What is an auto insurance premium?
An auto insurance premium is the cost one pays for auto insurance.Stated otherwise, it is the consideration that one pays for theinsurer to bear the risk of payment for covered occurrences.Thispremium is usually paid annually, monthly, or at some otherinterval that the insurer permits. An insurance premium derives from a “rate”, which is an actuarialconcept. Harshly defined, it is the cost of a unit of insurance,with that unit generally being $100. Rates, from which premiums are derived, for auto premiums,dependupon several factors. Some include: 1. The nature of the coverage (for example, collision or liability) Two. The make and model of the vehicle Trio. The age and driving history of the primary driving Four. The number of miles per year driven Five. Whether the vehicle is used mainly for individual or businesspurposes.
What is the definition of state premium tax?
payment to a state or municipality by an insurance company based on premiums paid by residents
What criteria do insurance companies use when determining the cost of home insurance policy premiums?
The factors can vary by jurisdiction (for example, some states do not permit “credit” to be used in rate determination) but as a general rule the following criteria are used:.
Fire protection rating as determined by ISO (how effective your local fire department and fire safety codes are) .
Age of home .
Construction type (e.g. framework or masonry) .
Roof type (e.g. composition shingles, tile, or tar/gravel) .
Credit or “insurance” score of the named insured .
Prior claim history of the named insured (many insurers do not surcharge for prior home claims, but ALL use them to determine eligibility) .
Expected loss frequency and severity of your local area .
Property insurance can be a volatile line of business for insurers (think Katrina…) and rates will vary greatly inbetween insurers and from area to area. Call several agents or independent brokers to compare rates. You might find that smaller regional companies are priced better than the larger national insurers. In my practice, they often treat claims better and swifter too. Your state insurance commissioner will also be blessed to reaction consumer inquires about insurance laws, rating and specific insurer complaint ratios.
Does Starbucks suggest health insurance for the SPOUSES of part time employees for an extra premium?
As a Starbucks part-time employee, the response is yes. You need to fulfill an average of 20 hours a week to qualify and that is on a quarterly basis. The price for family benefits is most likely on par with what you’d pay at a full-time job. However, the insurance benefits are phenomenal. I work full-time for a company that is self-insured and sad to say it’s benefits are lacking. I love coffee and needed dental and vision and determined to work pt at Starbucks evenings and weekends. –Diana M.
Can you deduct insurance premiums as a medical expense on federal taxes?
Can I add my monthly health insurance payment from my employer to my medical deductions, such as medications prescribed, office visits, etc..
Are mortgage insurance premiums deductible on your taxes?
No they are not or the death benefit would be taxable..
Since you said mortgage insurance I am assuming that you mean PMI or Private mortage insurance and not mortgagelifeinsurance. Yes, mortgage insurance is tax deductible as of 2007. You can see the amount of PMI paid for the year on the final escrow statement that your mortgage lender sends you in December or January.
Are title insurance premiums deductible on your taxes?
Most non-reoccuring closing costs can be deductible on your taxes. Check with your accountant or tax preparer for detailed information.
Are COBRA premium payments for dental insurance an allowable medical expense deduction for tax purposes?
Yes. However, reminisce that the typical taxpayer has to reach a threshhold of about 7.5% of their adjusted gross income before they can deduct any medical expenses. Check with a tax accountant for your specific situation.
What is premium loading in insurance?
Premium loading is an amount an insurance company adds to the basic premium to cover the expense of securing and maintaining the business.
What is the formula for insurance premium calculation?
The formula for calculating insurance premium uses the DRF and the 6-month basic rate. It is: p = Two rbwherepis the annual premium, ris the DRF, andbis the 6-month basic rate.
What is acquistion?
An acquisition is when a business acquires another business. Manybusinesses do this in order to build up more customers in theirindustry.
What is the allowable tax deduction for long term care insurance premiums?
The allowable tax deduction from your long-term care insurancepremiums depends on your age. The general rule is that the maximumamount of your deductible money is higher if you are older. Checkthe related link below to check the highest amounts of taxdeductible money from long-term care insurance premiums for theyear 2014
Is insurance premium a immovable cost or variable cost?
Yes It is immovable. No matter how much your volume of activity or production you are obliged to pay insurance premium as agreed.
Can insurance companies charge administration costs every year on their premiums is this legal?
Insurance Company Fees .
It is not illegal to charge maintenance fees so long as the fees are disclosed and not hidden..
If you stop and think about it. If the fees are not charged then those maintenance cost will instead have to be factored into the premium causing it to be higher. Most company maintenance fees are on a graduated scale and not based on premium. A high maintenance client with more policy forms and more frequent endorsements and policy switches may have the same premium as you but he needs Ten times the maintenance. It wouldn’t truly be fair to pass his cost off to other insureds premiums who may not need the same level of maintenance service..
Almost all Insurance policies are issued with a base policy fee of some sort. The fee varies by the insurer and regulations of your jurisdiction..
All policies have certain state mandated fees that will be determined by the regulations of the state in which the policy was issued. These regulatory fees can not be adjusted or waived by the insurer..
Some companies and agents also have various maintenance and servicing fees..
Almost all Risk Managers have maintenance fees. Believe me Risk Managers earn their fees. Risk Managers may often have higher fees than Agents or companies due to the high maintenance nature of the policy services rendered. A risk manager may have clients with fluid permanently switching risks on numerous policies that need dozens or even hundreds of coverage switches in a single policy term. A risk manager provides much more in depth services, advice, consultations and have to take in more considerations than the typical agent They operate in more of a brokerage style environment and they can often find hefty premium and cost savings for their clients..
Whether or not a fee is acceptable is entirely up to the consumer. The best thing to do is to look at your policy and service as a entire and determine if the protection and services are are worth what you pay. If not, one can always look to another insurer..
Here is an example..
One consumer had a $320,000.00 homeowners HOB Policy with No Maintenance Fees issued by a popular A rated brand name insurer at a premium rate of $Three,400 dollars per year. The policy was substituted by a not so well known admitted contesting carrier also A rated, HOB Policy with same coverages for $1,300 dollars per year. The Agency Sampled 7 different markets to find the best rate for the same coverage and charged a $150 annual service fee. The consumer saved $1950.00 a year on their overall rate..
After Hurricane Katrina many Gulf Coast Homeowners could not find insurance at all, at any price. All Major Insurers had implemented Moratoriums on fresh applicants. Many Independent Agents and Risk Managers worked very hard to place and substitute coverage seeking out other markets domestic and foreign to provide coverage or makeshift coverage for their clients.
Can a Self employed person deduct health insurance premiums on their taxes?
Yes, beginning in tax year 2010, you can deduct health insurance premiums when arriving at income subject to SE tax.
Can you deduct long term disability insurance premiums on taxes?
No, you cannot deduct premiums paid on disability insurance policies. Two screenplays, very first if your employers pays the premiums you would receive the disbursements as taxable income. If you pay your own premiums, then you would receive the disbursements tax free. Either way, you cannot deduct on your individual income tax the premiums paid. Think about it! If your employer paid the premiums, there was no expense to you, hence no deduction!. If you paid the premiums, you do have an expense BUT you are receiving the disbursements tax free and therefore could not take a deduction!
Can an employer stop paying the premiums for an employees health insurance to cut costs?
In CA, yes. This may jeopardize the entire plan, as the Insurance Companies, generally require the employer to pay at least 50% of the premium. The employer could shop rates at https://www.quotit.net/eProGroup/login.asp?brokerID=23433638&license_no=0596610 with no obligation. Healthy employees, no pre-exisiting conditions can shop for individual plans here https://www.quotit.net/eproIFP/webPages/infoEntry/InfoEntryZip.asp?license_no=0596610Those with health problems would not be able to get COBRA if there is no group health plan in force. They could get HIPAA https://www.steveshorr.com/HIPAA.Rates.htm
Can you deduct group insurance premiums on taxes?
Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot announce the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
What is the cost of the premium of auto insurance?
Insurance premium costs vary by a number of factors, location, age, driving record, model and make of car..
You need to check locally
Is premium cost the value of insurance policy?
No. The premium is your consideration (monetarily) for coverage that the insurer provides. Your value lies within your policy thresholds as stated on the declarations page of your policy.
Is the cost of my spouse’s insurance premium reimbursable through my nimble spending account?
Yeah, the cost simply reimbursable through your limber spending account. I guess that that’s just reality
What if you pay the premium after taxes in payroll?
Perhaps I can help you a little more if you explain or rephraseyour question a little more.
Can you deduct your health insurance premium on your 2009 federal tax?
If you itemize your deductions, you pay for your health insuranceyourself with after tax funds, or if you are self employed you maybe able to deduct part or all of it in 2009.
Does insurance premium mean monthly?
No. The premium is the price you pay for the coverage. Depending on your insurance company, the premium may be paid all at once or in payments.
Universal life insurance premiums tax deductible?
NO. Life insurance premiums would NOT be deductible on your 1040 federal income tax come back.
Can you claim your Hospital insurance premiums as a deducton on your income tax if your payroll says it is nontaxable wages?
If the premiums are nontaxable income to you then you would NOT be permitted to take a deduction for the amount of the premiums that your employer has paid for your medical insurance premium’s.
Is insurance premium part of deductible?
The insurance premium is the amount you pay the insurance company every month. The insurance deductible is the set amount which you pay out of pocket for repairs after you make a claim. For example… you may pay $100 to the insurance company every month for the insurance policy and have a $500 deductible. If you file a claim you are expected to pay for $500 of the repairs yourself, while the insurance policy covers anything above that amount up to your max thresholds.
What is tax premium?
The tax amount which is paid on the premiums collected for a particular period by a insurance company which was to be paid to the state government.
What is the journal entry for insurance premium?
Insurance acc Dr 1000 Cash acc Cr 1000P&L acc Dr 1000 To insurance acc Cr 1000
Would you support charging higher insurance premiums or taxes on people who dont practice a healthy lifestyle?
Well, the issue need to be widely discussed at the academic level, before comming to a conclusion. Personally,I partially support your viewpoint. But the parameter of judging the healthy lifestyle level has to be ascertained which may vary from a developed to a developing country.
What is ‘insurance premium’ in Italian?
” Assicurazione ” is an Italian equivalent of “insurance premium.” The Italian word ” assicurazione ” is a womanish singular noun. It takes ” la ” (“the”) as its singular definite article. Its singular indefinite article is ” una ” (“a, one”). The pronunciation is “ahs-see-koo-rah-TSYOH-neh.”
Are medicare part b premiums tax deductible?
Yes is the brief response but there are some guide lines to be followed. .
How Much of the Expenses Can You Deduct? .
You can deduct on Schedule A (Form 1040) only the amount of your medical and dental expenses that is more than 7.5% of your AGI(Form 1040, line 38). In this publication, the term “7.5% limit” is used to refer to 7.5% of your AGI. The phrase “subject to the 7.5% limit” is also used. This phrase means that you must subtract 7.5% (.075) of your AGI from your medical expenses to figure your medical expense deduction.
Are long term care insurance premiums tax deductible?
Yes, it is. Long term care insurance premiums are tax deductible. Premium payments are considered to be medical expenses and they are deductible as long as the medical expenses exceed 7.5% of the individual’s income.
What is the monthly premium for freeway insurance?
The monthly premium for freeway insurance varies greatly for this to be answered. As in other auto insurance quotes would vary on the amount if any accidents or tickets you have had. Your age would also be a factor.
What are the premiums for Gerber Life Insurance?
Gerber Life Insurance advertises that they have an affordable premium rate that never increases. You have to list your state, age, gender, and tobacco use to get a free quote as to price however.
Is buy sell agreement disability income insurance premiums tax deductible?
No. Also, it is most likely not a good idea to attempt and deduct the premiums for diability or life insurance because if you deduct the premiums or if the employer pays the premiums then any benefits are then taxable. You certainly would not want to have to pay income tax on a large life insurance benefit just because you dreamed to deduct a few hundred dollars of insurance premiums.
Does the cost of life insurance premiums depend on your age?
Yes. The cost of life insurance policies also depends on what physical condition you are in, and how healthy you are, if you have any diseases or illnesses as well.
Does business insurance raise my premium?
Business insurance is based on two principles: one is your risk and history in the industry, and two is history and risk of your company. If these two items are compromised then your premium will be raised.
What criteria do insurance companies use when determining the cost of car insurance policy premiums?
Credit (except in California) .
Age of the driver .
Garaging location of the car. .
Method of payment (1 pay, monthly, automatci payments) .
Driving record (tickets & accidents in the past Three, sometimes Five years). .
Type of vehicle. .
Type of coverage you get. .
Occupation of driver
Is there a tax deduction for the cost of your domestic playmate’s health premiums?
No. In fact, your employer is likely to report this cost as “imputed income” which means you will have to pay tax on this amount. No tax is owed if your domestic fucking partner is also you dependent for purposes of federal income tax.
Can auto insurance premium be paid from premium?
This question does not make sense at all. Sorry. Please rephrase your question and maybe I can help more.
What premium mode would result in the highest cost for a life insurance policy annual?
Obviously the more payments you break the premium into the more the company will charge for the billing fees. The fees for dividing up the premiums on life insurance or most kinds of insurance are very puny so whatever makes it more convenient for you is worthwhile.
What are the tests applied to the deduction of health insurance premiums from your taxes?
A percentage of your health insurance premiums may be used as a credit if that meet the percentage of your gross income as spelled out in the tax code. All very complicated.
What are premiums for auto insurance?
The premium is the price you pay for your auto insurance. This will vary greatly depending on location, drivers, accidents, vehicles, etc. .