Another Short Term Disability Post

posted 3 years ago in Babies
Post # 16
Member
2021 posts
Buzzing bee
  • Wedding: September 2013

I got paid “60% of my income with a max of $500 per week” which is NOT 60% of my Income. Also I was only really paid 4 weeks instead of 6 as there is a 2 week waiting period before benefits start and that’s taken out of your 6 weeks. Oh and I had to pay back my medical benefits that I would have paid monthly. So 3 months of Medical premiums. Basically the STD was worthless to me and I pretty much just took 12 weeks unpaid.

Post # 17
Member
91 posts
Worker bee
  • Wedding: March 2015

Mrs. Meowerson :  if the deduction is pretax for STD, it will be taxed. If the deduction is taken post-tax, any STD money should not have taxes. 

Post # 18
Member
3571 posts
Sugar bee
  • Wedding: April 2013

Mine was $200 a week or 60% of my pay, whichever was less, for 6 weeks. The $200 was less so that’s what I got, my company pays my STD so taxes were taken out, I got about $180 a week – insurance and 401k was not taken out. It definitely wasn’t the same amount I was making while actually working, but it was better than nothing. 

Post # 19
Member
1100 posts
Bumble bee
  • Wedding: June 2014

Mrs. Meowerson :  did you confirm with you STD company how everything works. My employer pays my premiums. I know I get 2 weeks at 100% and 10 weeks at 60% with a 5 day waiting period. I have no other clue as to how any of it works. and I’m terrified to contact HR prematurely 

Post # 24
Member
1387 posts
Bumble bee
  • Wedding: June 2014

Mrs. Meowerson : They do not pay – I pay for the entire premium. It is an optional policy – therefore if I do not add it to my policy and pay it I do not get STD. HR told me I will get 80% of my normally deposited paycheck. 

Post # 25
Member
889 posts
Busy bee
  • Wedding: September 2016

Mrs. Meowerson :  I pay my premiums for STD. HR told me it is 60% of my gross pay. Taxes and 401K are not taken out. I’ll try to remember to come back and update this thread after I take leave to give a real answer. 

Post # 27
Member
293 posts
Helper bee
  • Wedding: October 2015

Before-Tax vs. After-Tax Dollars
If you foot the cost of insurance premiums for a disability plan out of your own pocket after taxes are taken out of your paycheck, you don’t have to report any disability payments you receive as income, according to the TurboTax website. The benefits are tax-free. On the other hand, if either you or your employer pays the premiums for an insurance plan before payroll taxes are deducted from your wages, you will need to report any disability payments you receive as income.

Post # 29
Member
831 posts
Busy bee
  • Wedding: December 2013

Mrs. Meowerson :  In NJ, the state STD cap is 615 a week, so that’s what I got. It wasn’t 60% of my income, but that’s the most they pay out. From my understanding, it is not taxed ever, because you pay for it through your paycheck deductions. I also had private STD, but I’m not sure what the exact percentage was. it was also not taxed, and I think that is because it was taxed during the paycheck deduction ?

Post # 30
Member
236 posts
Helper bee
  • Wedding: August 2012

My STD was 100% of my paycheck; however, I was able to fill out a form with the STD insurance company for them to do withholdings from my STD paycheck for taxes (rather than owing more).  I got my W2 from the insurance company a couple of weeks ago.  Because the 401K is through your employer, the insurance will not have withholdings for your 401K.  So, my net checks as they came to me were just higher due to the 401K amount, not the taxes.

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