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.
Basic calculations. The current federal minimum wage is $7.25 per hour. A full-time minimum wage employee earns $15,080 annually. In 2012, the poverty threshold for a single person was $11,945.For a family of four with two children it was $22,283.asic calculations. The current federal minimum wage is $7.25 per hour. A full-time minimum wage employee earns $15,080 annually. In 2012, the poverty threshold for a single person was $11,945.