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Frequently Asked Questions Insurance

How do I figure out my savings?

The quickest way to determine the amount of money you will save yearly is simply to calculate (separately or combined) the tax rate multiplied by the total amount of health insurance premiums. These examples show the savings for a typical employee in the 28% tax bracket:

Self Only Self and Family
Yearly FEHB premium: $700.00 $1,600.00
Federal income tax savings $196.00 $448.00
FICA tax savings (7.65%) $53.55 $122.40
Annual Savings $249.55 $570.40

These examples do not include savings on state and local taxes.

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