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.
The fewer hours worked per week, the higher the hourly rate equivalent. Using a $45,000 annual salary and 2,080 hours, the hourly rate calculates to $21.63 per hour. If a salaried worker puts in only 35 hours per week, the employee works 1,820 hours per year at an hourly rate equivalent of $24.73 per hour.sing a $45,000 annual salary and 2,080 hours, the hourly rate calculates to $21.63 per hour. If a salaried worker puts in only 35 hours per week, the employee works 1,820 hours per year at an hourly rate equivalent of $24.73 per hour.