Anyone know at which point do more earnings not = more money

amother

Mon, Dec 18 2023, 9:59 am

Like at what point with the taxes and the cost of insurance creep up on me so as to throw me off balance rather than helping me pay my bills

for the record

we're a family of 8 [2 parents 6 kids in house]

we earn a combined total of 144,380 net

I need to earn at least 40K more net to cover my bills

amother

DarkGray

Mon, Dec 18 2023, 10:08 am

Pretty much the only reason not to increase your income is if your on programs. If that's the case it's a really hard transition time. Insurance is expensive and getting off Medicaid is a major cost. You might not actually gain in the short term but long term if you have the ability to increase you're income over time it can be worth it.

amother

Mon, Dec 18 2023, 1:16 pm

amother DarkGray wrote:

You might not actually gain in the short term but long term if you have the ability to increase you're income over time it can be worth it.

question is what do I do in the interim?

amother

Hunter

Mon, Dec 18 2023, 1:22 pm

amother OP wrote:

I'm currently only on Medicaid/Fidelis

With six kids and net 144 you can be on Medicaid fidelis? Is that dif than regular Medicaid?

amother

Mon, Dec 18 2023, 1:36 pm

No
that's what's worrying me
this only worked while they didnt do recerts cuz of Covid
that's over now Sad

amother

Mon, Dec 18 2023, 1:37 pm

I want to ask for a raise but I'm afraid that that will only push me into a higher bracket and than I won't even be able to have child health plus
I'm seriously freaked out

amother

Powderblue

Mon, Dec 18 2023, 1:39 pm

amother OP wrote:

I want to ask for a raise but I'm afraid that that will only push me into a higher bracket and than I won't even be able to have child health plus
I'm seriously freaked out

Look online there are charts which show eligibility and cost

Arep

Mon, Dec 18 2023, 1:59 pm

Based off the charts, you should still be eligible for Child Health Plus, paying a monthly premium.

You did mention your net income rather than your gross though, so please adjust your calculation accordingly.

https://www.health.ny.gov/heal.....t.htm

amother

Eggshell

Mon, Dec 18 2023, 2:00 pm

amother OP wrote:

question is what do I do in the interim?

OP you have to make sure you really have potential to increase income significantly. Otherwise you will be stuck in the "interim" forever.
If it's just a one time raise it may not be worth it.
But if you are on a clear track of steady salary increases then it may be worth it

The worst thing is to get stuck in the lower middle class category

amother

Mon, Dec 18 2023, 2:04 pm

amother Eggshell wrote:

good point

thanks everyone

it's really not so simple to get off programs

amother

DarkGray

Mon, Dec 18 2023, 2:04 pm

amother OP wrote:

I want to ask for a raise but I'm afraid that that will only push me into a higher bracket and than I won't even be able to have child health plus
I'm seriously freaked out

Everyone can get child health plus you just may have to pay the full premiums. At that point it becomes a question of whether that’s cheaper than a family plan elsewhere.

amother

Goldenrod

Mon, Dec 18 2023, 2:55 pm

To clarify, the income boost would only affect programs. You can’t make less money by going up in income. A higher tax bracket means that the additional income above the bracket level is taxed at a higher rate, not that all your income is suddenly taxed more.
But not being eligible for programs can make it not worth it sometimes.

amother

Anemone

Mon, Dec 18 2023, 2:55 pm

Maybe they can give you a raise thru visa gift cards. For the business they aren’t paying taxes on extra income for u. And u don’t have an official increase with needing to pay taxes. It’s kinda a loophole. Many many businesses and schools do this for their employees. Especially if it’s a yt bonus

amother

Denim

Mon, Dec 18 2023, 2:57 pm

amother Anemone wrote:

The value of the gift cards is taxable too. It's income.

amother

Mon, Dec 18 2023, 3:11 pm

amother Denim wrote:

The value of the gift cards is taxable too. It's income.

whoa! seriously?

amother

DarkGray

Mon, Dec 18 2023, 3:35 pm

amother OP wrote:

whoa! seriously?

100% it’s not a loophole as the posted above claimed it’s against the law. If it’s a small token type thing that might be ok but anything more than that would need to be reported. You can read about it here.
https://www.irs.gov/government.....efits

groovy1224

Mon, Dec 18 2023, 3:58 pm

amother OP wrote:

whoa! seriously?

Absolutely not.

Did you review the income limits for CHP a previous poster posted? If you live in NY you should still qualify for very inexpensive coverage for your kids.

amother

Anemone

Mon, Dec 18 2023, 4:01 pm

amother OP wrote:

whoa! seriously?

Who’s saying it’s income. Maybe it’s a gift. I mean not so necessary to be sucha straight shooter. If you can never find loopholes you won’t get anywhere. You may not want to hear this but that’s how many people in society are able to survive and thrive.

groovy1224

Mon, Dec 18 2023, 4:06 pm

amother Anemone wrote:

The IRS. The IRS says it's income.

If your employer gives you a $50 gift card in employee appreciation day, that's not income. But if they are paying you in gift cards, then it's the same as if they paid you $50 and you used it to buy a $50 gift card. That's not finding a loophole that's making up garbage.