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Does this new Ltc tax get applied on individual income even for married couple ? If I opt out but my wife does not, does that mean we have to pay Ltc tax on whole household income or only on her income ? #tax #washington #ltc
As we are taking about taxes in WA, I have a question how does the state impose tax on long term capital gains? I see the rate as 7% if the income exceed $250k, so is the $250k the income from capital gains or the total w2 income? Thanks!
Cap only applies to long term capital gain per year
When do we need to opt out? Do we need to show proof of LTC?
The opt out period is Oct 1, 2021 - Dec 31, 2022. You do need to supply proof of coverage. The exact process for opting out is still TBD.
"Individuals who have private long-term care insurance may opt-out: Any employee who attests that they have comparable long-term care insurance purchased before November 1, 2021, may apply to ESD for an exemption from the premium assessment. The employee must provide proof of their ESD exemption to their employer before the employer can waive collecting the premium assessment from the employee’s wages. The employee must apply for the opt-out exemption to ESD between October 1, 2021, through December 31, 2022." https://www.wsha.org/articles/new-state-employee-payroll-tax-law-for-long-term-care-benefits/
It is a payroll tax, not income tax. So your employer will tax your wife.
You meant will not right ?
They will tax her. You opted out. She did not. You don't get taxed. She does.