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.
Yesterday, the Department of Labor (DOL) announced it was proposing a new rule raising the minimum salary level to qualify for an exemption to the 40 th percentile of weekly average earnings of full time salaried employees nationwide.For 2013, this equates to $921 per week, or $47,892 per year.For 2016, when the rule will likely go into effect, this will likely equate to $970 per week or $50,440 per year.xpressing the minimum salary as being at the 40 th percentile â the level at which 40% of salaried workers earn less than the amount and 60% earn more â means that the minimum salary level will change each year.