Calculate Your Tax Savings
Estimate benefits and tax savings
The information provided is not intended to replace or serve as substitute for any legal, accounting, tax or other professional advice, consultation or service. You should consult with a qualified professional in the respective legal, accounting, tax or other professional area to see if this plan meets your needs.
See Examples
| Assumptions and Estimated Costs |
Cost to individual |
Cost to corporation |
Cost to individual |
Cost to corporation |
Cost to individual |
Cost to corporation |
| Estimated annual health care expenses |
$5,000 |
$5,000 |
$1,500 |
$1,500 |
$200 |
$200 |
| Estimated PHSP administration fee |
- |
$120 |
- |
$60 |
- |
$60 |
| Estimated pretax gross income required to pay for medical/dental expenses |
$9,345.79 |
$5,120 |
$1926.75 |
$1,560 |
$310.08 |
$260.00 |
| Estimated tax credit (assumes 20% tax credit on expenses exceeding the lesser of 3% of net income or $2109) |
$578.20 |
- |
$60 |
- |
- |
- |
| Estimated net pretax income required to pay health care expenses |
$8,767.59 |
$5,120 |
$1,926.75 |
$1,560 |
$310.08 |
$260.00 |
| Estimated net savings to the incorporated shareholder employee |
|
$ 3,647.59 |
|
$ 366.75 |
|
$ 50.08 |
| Estimated net savings to the unrelated employee |
|
$ 8,767.59 |
|
$ 1,926.75 |
|
$ 310.08 |
| Estimated net savings to the unincorporated owner-manager employee |
|
$ 8,647.59 |
|
$ 1,866.75 |
|
$ 250.08 |
