Comments on: Consider the Impact On Your Finances When Taking a Paid Leave of Absence, FMLA, or Disability From Work http://genxfinance.com/2009/05/06/consider-the-impact-on-your-finances-when-taking-a-paid-leave-of-absence-fmla-or-disability-from-work/ Helping a unique generation achieve financial independence. Fri, 19 Mar 2010 18:02:11 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Religion and Money http://genxfinance.com/2009/05/06/consider-the-impact-on-your-finances-when-taking-a-paid-leave-of-absence-fmla-or-disability-from-work/#comment-120272 Religion and Money Mon, 18 May 2009 00:37:11 +0000 http://genxfinance.com/?p=1538#comment-120272 [...] Consider the Impact On Your Finances When Taking a Paid Leave of Absence, FMLA, or Disability From W.... Very important article to read - especially if you think you may have a planned absence in the near future. [...] [...] Consider the Impact On Your Finances When Taking a Paid Leave of Absence, FMLA, or Disability From W…. Very important article to read – especially if you think you may have a planned absence in the near future. [...]

]]> By: Patrick http://genxfinance.com/2009/05/06/consider-the-impact-on-your-finances-when-taking-a-paid-leave-of-absence-fmla-or-disability-from-work/#comment-120198 Patrick Tue, 12 May 2009 17:38:07 +0000 http://genxfinance.com/?p=1538#comment-120198 Very interesting article. I've never thought about these things in great depth because I have never needed them. I'm sure many people are in a similar situation. My wife and I are expecting in July, and while she will become a SAHM, I will need to take some time off. So I'll be sure to reference this article again when making my decision on how much time I want to take off and how I go about doing it. :) Very interesting article. I’ve never thought about these things in great depth because I have never needed them. I’m sure many people are in a similar situation.

My wife and I are expecting in July, and while she will become a SAHM, I will need to take some time off. So I’ll be sure to reference this article again when making my decision on how much time I want to take off and how I go about doing it. :)

]]> By: Kristy @ Master Your Card http://genxfinance.com/2009/05/06/consider-the-impact-on-your-finances-when-taking-a-paid-leave-of-absence-fmla-or-disability-from-work/#comment-120184 Kristy @ Master Your Card Sun, 10 May 2009 22:58:14 +0000 http://genxfinance.com/?p=1538#comment-120184 Interesting article. I've never had reason to really look into anything beyond my PTO. I have short-term and long-term disability, just in case, but I have not considered how it would impact my finances beyond the 30 days to file. But, as far as time off goes, I usually take paid time for vacations, though I was looking into the possibility of taking a week unpaid next summer when I go overseas to study abroad, but I just discovered my company won't allow that. So, now I have to stockpile my PTO because I don't want to quit and then hope I can come back over a week. That's just silly in my opinion, and a waste of money for the company as they'd have to send me back through training. I still may fight that if I come up short. We'll see. Interesting article. I’ve never had reason to really look into anything beyond my PTO. I have short-term and long-term disability, just in case, but I have not considered how it would impact my finances beyond the 30 days to file. But, as far as time off goes, I usually take paid time for vacations, though I was looking into the possibility of taking a week unpaid next summer when I go overseas to study abroad, but I just discovered my company won’t allow that. So, now I have to stockpile my PTO because I don’t want to quit and then hope I can come back over a week. That’s just silly in my opinion, and a waste of money for the company as they’d have to send me back through training. I still may fight that if I come up short. We’ll see.

]]> By: » A Young Entrepreneur Learns About Business http://genxfinance.com/2009/05/06/consider-the-impact-on-your-finances-when-taking-a-paid-leave-of-absence-fmla-or-disability-from-work/#comment-120153 » A Young Entrepreneur Learns About Business Fri, 08 May 2009 04:23:30 +0000 http://genxfinance.com/?p=1538#comment-120153 [...] Generation X Finance: Consider The Impact On Your Finances When Taking A Paid Leave of Absence [...] [...] Generation X Finance: Consider The Impact On Your Finances When Taking A Paid Leave of Absence [...]

]]> By: Tim Landry http://genxfinance.com/2009/05/06/consider-the-impact-on-your-finances-when-taking-a-paid-leave-of-absence-fmla-or-disability-from-work/#comment-120086 Tim Landry Thu, 07 May 2009 14:26:36 +0000 http://genxfinance.com/?p=1538#comment-120086 Whoops - I am talking Canadian Tax Law Whoops – I am talking Canadian Tax Law

]]> By: Tim Landry http://genxfinance.com/2009/05/06/consider-the-impact-on-your-finances-when-taking-a-paid-leave-of-absence-fmla-or-disability-from-work/#comment-120085 Tim Landry Thu, 07 May 2009 14:25:24 +0000 http://genxfinance.com/?p=1538#comment-120085 I am pretty sure you should re-check your tax rules as they apply to situations where employees and employers share premiums on a DI program. My understanding is that the employees receiving taxable benefits can deduct from those benefits the premiums they have paid and once they have deducted 100% of what they have paid, benefits become fully taxable - i.e. they are NOT taxed proportionate to what the employee paid I am pretty sure you should re-check your tax rules as they apply to situations where employees and employers share premiums on a DI program. My understanding is that the employees receiving taxable benefits can deduct from those benefits the premiums they have paid and once they have deducted 100% of what they have paid, benefits become fully taxable – i.e. they are NOT taxed proportionate to what the employee paid

]]> By: shana http://genxfinance.com/2009/05/06/consider-the-impact-on-your-finances-when-taking-a-paid-leave-of-absence-fmla-or-disability-from-work/#comment-120044 shana Thu, 07 May 2009 02:23:07 +0000 http://genxfinance.com/?p=1538#comment-120044 Depending on the state that you are in, your short term disability may be exempt from state taxes (CA, NJ, NY, HI) so check your state taxes as well. It is very, very rare for a disability company to not withhold taxes. Normally they provide you with a W-4 so that you can select the deductions for this time period. LTD plans sometimes have the option of "tax me now" or "tax me later" and based on the selection, LTD benefits may be tax free if you have paid imputed value of the benefit during the year. As for insurance premiums, before you go out on leave, you can pre-pay your premiums - generally through payroll - so that you still get the benefit of the pre-tax deduction. Or depending on the company, there can be a catch-up contribution once you return to work. So with a little bit of planning, you can still get the advantages of having pre-tax benefit deductions. Depending on the state that you are in, your short term disability may be exempt from state taxes (CA, NJ, NY, HI) so check your state taxes as well.

It is very, very rare for a disability company to not withhold taxes. Normally they provide you with a W-4 so that you can select the deductions for this time period.

LTD plans sometimes have the option of “tax me now” or “tax me later” and based on the selection, LTD benefits may be tax free if you have paid imputed value of the benefit during the year.

As for insurance premiums, before you go out on leave, you can pre-pay your premiums – generally through payroll – so that you still get the benefit of the pre-tax deduction. Or depending on the company, there can be a catch-up contribution once you return to work. So with a little bit of planning, you can still get the advantages of having pre-tax benefit deductions.

]]> By: Anonymous http://genxfinance.com/2009/05/06/consider-the-impact-on-your-finances-when-taking-a-paid-leave-of-absence-fmla-or-disability-from-work/#comment-120021 Anonymous Wed, 06 May 2009 21:25:11 +0000 http://genxfinance.com/?p=1538#comment-120021 <strong>Mom Blogs - Blogs for Moms...</strong> ... Mom Blogs – Blogs for Moms…

…

]]> By: Eves Bank http://genxfinance.com/2009/05/06/consider-the-impact-on-your-finances-when-taking-a-paid-leave-of-absence-fmla-or-disability-from-work/#comment-119989 Eves Bank Wed, 06 May 2009 17:04:11 +0000 http://genxfinance.com/?p=1538#comment-119989 I never realized that paid leave would affect your personal finances. It's nice to have this pointed out. Although I don't think a lot of people see this as a major issue. I never realized that paid leave would affect your personal finances. It’s nice to have this pointed out. Although I don’t think a lot of people see this as a major issue.

]]>