If you report your business income and deductions on your personal income tax return, not on a separate corporate tax return, tax law considers you self-employed. When you are self-employed, you report your income and deductions on Schedule C of your Form Because you are self-employed, you are not an employee.
Because you are not an employee, you may not have a Section medical plan that covers you directly. To get around this Log in to view full article. The company is a corporation. Is this something they can do and if so how does it work? By BrianCM. I wanted to get back to you quickly on this issue as this is not allowed. Recent Posts. Contact Us. I consent to Healthcare Consultants Inc. Health insurance regulations differ in each state.
See a licensed agent for detailed information on your state. PeopleKeep, Inc. LOG IN. Select your product. Subscribe to our blog. What is an MERP? How do MERPs work? Normally, they follow a five-step process: 1. Employers set allowance amounts With an MERP, employers set a monthly allowance amount for each employee.
Employees purchase health care Employees purchase the health care products and services they want with their own money. Employees submit proof of expense After making their purchase, employees submit proof in the form of documentation. This document could be a receipt or explanation of benefits, but it must include three items: The date the expense was incurred A description of the product or service The employee's name 4.
Employers review employee documentation Employers review employee documentation to ensure the expense is qualified for reimbursement and contains all necessary information. Employers reimburse employees Finally, if everything is in order, the employer reimburses the employee up to their allowance amount. Conclusion With the flexibility of an MERP, employees are empowered to purchase the health coverage of their choosing and can rest easy knowing their medical expenses are covered.
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