$245,340. That's the magic number for how much it will cost a middle-income American family, on average, to raise a child born in 2013 until he or she becomes an adult.And families living in the Northeast will be taking on a greater burden, according to a report out Monday.dvertisement. $245,340. That's the magic number for how much it will cost a middle-income American family, on average, to raise a child born in 2013 until he or she becomes an adult. And families living in the Northeast will be taking on a greater burden, according to a report out Monday.
Additionally, payments to the employee from their employer's long-term disability insurance are taxable income whereas payments from an employee purchased plan are usually not. Long-term disability insurance (LTD) begins to assist the employee when short-term disability insurance (STD) benefits end. Once the employee's short-term disability insurance benefits expire (generally after three to six months), the long-term disability insurance pays an employee a percentage of their salary, typically 50-70%.
Social Security (FICA) and Medicare Deduction A taxpayer may claim a deduction for the amount contributed in the taxable year to FICA or a Railroad Retirement Plan, or to a U.S. or Massachusetts Retirement fund up to $2,000. Medicare premiums deducted from social security benefits or retirement payments are not an allowable deduction since the benefits are not included in gross income. 2  Nonresidents and part-year residents may claim this deduction only if it is directly related to taxable income reported on Form 1-NR/PY.