Medical Reimbursement Plan
Tax Savings Calculator
Monthly Health Insurance Premiums:
Annual Out of Pocket Expense:
(click here for partial list of expenses)
Federal Tax Rate:
Help
10%
15%
25%
28%
33%
35%
State Tax Rate:
5%
0%
Self-Employment Tax Rate:
15.3%
2.9%
Sub "S" Corporation?
Yes
No
Calculate Your Estimated Tax Savings Per Month
Nothing contained in this calculator is intended to constitute financial,
legal, investment or tax advice in connection with your particular facts
and circumstances. Instead, this calculator is designed to provide
general information only about the potential advantages associated
with the creation and use of an HRA by self-employed individuals.
You should seek the advice of a qualified tax professional regarding
your specific facts and circumstances.
Standard Deduction
105/HRA Deduction
Health Insurance Premiums:
Out of Pocket Expense:
Total Deduction:
Federal Tax Savings:
State Tax Savings:
Self-Employment Tax Savings:
(social security and Medicare)
Total Tax Savings:
Additional Tax Savings:
Monthly Premium:
Total Tax Savings Per Month Including HRA Deduction:
Monthly Premium After Tax Savings:
Above Example Assumes:
Annual Health Insurance Premium costs:
Annual Out of Pocket Medical costs:
Federal Tax Rate:
State Tax Rate:
Self-Employment Tax Rate:
* Must exceed 7.5% AGI.
Values are estimates only, your results may vary slightly.
Sub "S" Corp
* W2 income must not exceed $87,900/yr for current year not including shareholder distributions
Standard Deduction
105/HRA Deduction
Health Insurance Premiums:
Out of Pocket Expense:
Total Deduction:
Federal Tax Savings:
State Tax Savings:
Self-Employment Tax Savings:
(social security and Medicare)
Tax Savings:
Standard Deduction:
105/HRA Deduction:
+
Total Tax Savings:
Monthly Premium:
Total Tax Savings Per Month Including HRA Deduction:
Monthly Premium After Tax Savings:
Note: S Corporation shareholders can take the HRA deduction
and the standard deduction in the same tax year.
Above Example Assumes:
Annual Health Insurance Premium costs:
Annual Out of Pocket Medical costs:
Federal Tax Rate:
State Tax Rate:
Self-Employment Tax Rate:
* Must exceed 7.5% AGI.
Values are estimates only, your results may vary slightly.
Partial List of Deductible Medical Expenses
Acupuncture
Alcoholic/Drug treatment
Ambulance fees
Birth control pills
Chiropractic
Co-insurance
Co-payments
Counseling (for a medical condition)
Deductibles
Dental fees
Dentures
Diabetic supplies
Diagnostic fees
Health insurance
Qualified over the counter medications
(used for specific illness or injury)
Hospital bills
Laboratory fees
Medical Mileage (12 cents/mile)
Medicare (part B)
Prescription medication
Nurse's fees (in home)
Obstetrical
Operations/Surgery
Office calls
Orthodontia/Braces
Physical therapy
Physical exam (routine)
Radiology/X-rays
Vision (contacts/supplies, eyeglasses, Lasik surgery)
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Tax Bracket Endpoints
Filing Status
10%
15%
25%
28%
33%
35%
SE Tax Rate
15.3%
15.3%
15.3%
15.3%
2.9%
2.9%
2.9%
Single
$7,300
$29,700
$71,950
$90,000
$150,150
$326,450
More
SE Tax Rate
15.3%
15.3%
15.3%
2.9%
2.9%
2.9%
2.9%
Married Filing Jointly
$14,600
$59,400
$90,000
$119,950
$182,800
$326,450
More
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