Alternative compensation
March 11, 2011 6:40 PM Subscribe
What are some forms of alternative compensation I could ask for from a very small business in lieu of a raise that will cause us to loose our kids' health insurance due to making too much $$$?
Already getting 3% matched contribution to IRA, pre-tax $ for adults' insurance, and a half hour commute.
Already getting 3% matched contribution to IRA, pre-tax $ for adults' insurance, and a half hour commute.
Response by poster: Ooh a discount on my consulting services, I can't wait to use them. :) I need to look into some bonus/benefits. Telecommuting just doesn't work for me, I can't get anything done at home.
posted by djpuddings at 6:54 PM on March 11, 2011
posted by djpuddings at 6:54 PM on March 11, 2011
My friend was able to get an allowance on the company credit card in lieu of a raise. She was given her own card and a certain amount a month she was allowed to spend. Another time she got her own company gas card. The company had drivers who carried credit cards for supplies and gas cards for the vans, it was no big deal to issue her cards too.
I don't have any idea how legal that was, the company she worked for didn't always do things totally above the board.
posted by TooFewShoes at 6:57 PM on March 11, 2011
I don't have any idea how legal that was, the company she worked for didn't always do things totally above the board.
posted by TooFewShoes at 6:57 PM on March 11, 2011
Maybe they could put the extra in your IRA? I guess that would depend on how much they're already putting in. Or could they put it into a college fund for your kids?
My grandson gets Medicaid as long as the family income stays below a certain level. Read the details carefully, see how they consider IRAs and college accounts.
posted by mareli at 6:57 PM on March 11, 2011 [2 favorites]
My grandson gets Medicaid as long as the family income stays below a certain level. Read the details carefully, see how they consider IRAs and college accounts.
posted by mareli at 6:57 PM on March 11, 2011 [2 favorites]
My mother was in a similar bind and instead got a company card to use for filling up the car with petrol. Supposedly for travelling to and from work and on work business, but her boss told her to use it every time she fills up.
posted by lollusc at 7:15 PM on March 11, 2011
posted by lollusc at 7:15 PM on March 11, 2011
Best answer: I would think an accountant would be a good person to talk to. Ideally, you want to present the business with a win-win scenario.
A friend of mine gets all his income from one business but structured in a variety of different ways to minimise his actual stated income and minimise the small businesses tax implications. I know the lease on his car was paid by the company as was all of his toll charges and I think gas as well, some of his normal job duties were outsourced to a separate home-based company (I think owned by both him and his wife) that then charged a nice sum to the business as well as gave them pretty big tax write-off for their house/utilities and household supplies that were claimed as "business expenses". I think the wife's car was a business expense too. They did all of this with an accountant to minimise the chance of an audit and skated up to the line but didn't actually go over it.
posted by saucysault at 7:20 PM on March 11, 2011 [1 favorite]
A friend of mine gets all his income from one business but structured in a variety of different ways to minimise his actual stated income and minimise the small businesses tax implications. I know the lease on his car was paid by the company as was all of his toll charges and I think gas as well, some of his normal job duties were outsourced to a separate home-based company (I think owned by both him and his wife) that then charged a nice sum to the business as well as gave them pretty big tax write-off for their house/utilities and household supplies that were claimed as "business expenses". I think the wife's car was a business expense too. They did all of this with an accountant to minimise the chance of an audit and skated up to the line but didn't actually go over it.
posted by saucysault at 7:20 PM on March 11, 2011 [1 favorite]
Oh, and his travel expenses were paid for by his company too ... he needed a lot of business trips to Las Vegas....
posted by saucysault at 7:21 PM on March 11, 2011
posted by saucysault at 7:21 PM on March 11, 2011
Education, Cell Phone, Computer, Company Car, Expense Account for Meals, Maybe some kind of deferred salary arrangement, health club, professional memberships, seminars in interesting locations.
posted by willnot at 7:29 PM on March 11, 2011 [1 favorite]
posted by willnot at 7:29 PM on March 11, 2011 [1 favorite]
When I was in the position of negotiating for benefits outside the financial, I asked myself, "What would make my life better in a noticeable way but I would never pay for if it were coming right out of my pocket?"
I opted for bimonthly spa days.
posted by rosa at 7:39 PM on March 11, 2011
I opted for bimonthly spa days.
posted by rosa at 7:39 PM on March 11, 2011
My company pays for my personal internet, personal laptop, my iphone, and my tuition to grad school. And my bus pass. If I drove to work, they would pay for my gas and parking.
In your position, I'd go for more vacation days. Or the laptop; that's been pretty sweet.
posted by punchtothehead at 8:09 PM on March 11, 2011
In your position, I'd go for more vacation days. Or the laptop; that's been pretty sweet.
posted by punchtothehead at 8:09 PM on March 11, 2011
I've known various employers to pay for tuition, transit checks to cover subway and bus fare, wardrobe allowances, laptops and cell phones + calling/text/data plans, routine high-end hair cuts & color (in keeping with the need for a professional appearance for client meetings), and 24/7 parking in a Manhattan garage (car was used to commute from home in Manhattan to office in NJ).
posted by Majorita at 9:03 PM on March 11, 2011 [1 favorite]
posted by Majorita at 9:03 PM on March 11, 2011 [1 favorite]
Can you get a
health savings account (HSA)
or
flexible spending account (FSA)
from your employer?
Would this count as income?
posted by Hot buttered sockpuppets at 11:41 PM on March 11, 2011
health savings account (HSA)
or
flexible spending account (FSA)
from your employer?
Would this count as income?
posted by Hot buttered sockpuppets at 11:41 PM on March 11, 2011
free meals during workday? health club/personal training?
posted by screamingnotlaughing at 4:43 PM on March 13, 2011
posted by screamingnotlaughing at 4:43 PM on March 13, 2011
This thread is closed to new comments.
A lot of this will depend on the type of business and the nature of your job.
posted by Rock Steady at 6:44 PM on March 11, 2011