EmployEE Savings

Employee benefits using the Shared Benefits Plan (SBP) are:

  • Reduced Federal, State & Social Security taxes
  • Increased take-home pay

Assume you earn $48,000 a year and pay $2,400 annually for your health insurance coverage. With the SBP, your take-home pay will increase by $720 as illiustrated below.

Employee tax savings illustration:Without SBPWith SBP
Your Income $48,000 $48,000
*Less Health Premiums You Pay $0 $2,400
Taxable Income $48,000 $45,600
Estimated Federal, State & FICA Taxes (30%) $14,400 $13,680
Income After Taxes $33,600 $31,920
Less Health Premiums You Pay $2,400 $0
Your Take Home Pay $31,200 $31,920
Increase in Take Home Pay $0 $720
Estimated EMPLOYEE Financial Savings Worksheet

Employee Contributions to Health Premiums (Annual)

Estimated Federal/State/Social Security
(use 27% if not sure)

Annual Savings or Increase in Take Home Pay