Page 3 - 2017 Benefits Enrollment
P. 3
Lowering Your Taxable Income
Example Savings at $80,000 Annual Income
Without an HSA With an HSA
Total Income $80,000 $80,000
HSA Contribution $0 -$5,250 (annually)
25% Federal Income Tax* -$20,000 (taxed at $80,000) -$18,688 (taxed at $74,750)
Healthcare Expenses of $5,250 -$5,250 $0 (HSA funds used)
Funds Leftover $54,750 (after taxes) $56,062 (after taxes)
Tax Savings Year One $0 $1,312
Potential Tax Savings Year Five $0 $6,560
* For illustrative purposes only. Federal income tax rates vary; in this example we use 25%. Your tax rate may be more or less than 25% so your
savings may vary from this example. HSA contribution used relects the maximum amount a W&T Offshore employee is eligible to contribute to an
HSA in 2017 if the family coverage tier is elected.
Example Savings at $120,000 Annual Income
Without an HSA With an HSA
Total Income $120,000 $120,000
HSA Contribution $0 -$5,250 (annually)
28% Federal Income Tax* -$33,600 (taxed at $120,000) -$32,130 (taxed at $114,750)
Healthcare Expenses of $5,250 -$5,250 $0 (HSA funds used)
Funds Leftover $81,150 (after taxes) $82,620 (after taxes)
Tax Savings Year One $0 $1,470
Potential Tax Savings Year Five $0 $7,350
* For illustrative purposes only. Federal income tax rates vary; in this example we use 28%. Your tax rate may be more or less than 28% so your
savings may vary from this example. HSA contribution used relects the maximum amount a W&T Offshore employee is eligible to contribute to an
HSA in 2017 if the family coverage tier is elected.
Example Savings at $200,000 Annual Income
Without an HSA With an HSA
Total Income $200,000 $200,000
HSA Contribution $0 -$5,250 (annually)
33% Federal Income Tax* -$66,000 (taxed at $200,000) -$64,268 (taxed at $194,750)
Healthcare Expenses of $5,250 -$5,250 $0 (HSA funds used)
Funds Leftover $128,750 (after taxes) $130,482 (after taxes)
Tax Savings Year One $0 $1,732
Potential Tax Savings Year Five $0 $8,660
* For illustrative purposes only. Federal income tax rates vary; in this example we use 33%. Your tax rate may be more or less than 33% so your
savings may vary from this example. HSA contribution used relects the maximum amount a W&T Offshore employee is eligible to contribute to an
HSA in 2017 if the family coverage tier is elected.
© 2016 Lockton, Inc. All rights reserved.
[Rev 09/26/16] ] EB\S-Z\W&T08\EE Comm\Flyers\201\Overview of Plan 5824.pdf
Example Savings at $80,000 Annual Income
Without an HSA With an HSA
Total Income $80,000 $80,000
HSA Contribution $0 -$5,250 (annually)
25% Federal Income Tax* -$20,000 (taxed at $80,000) -$18,688 (taxed at $74,750)
Healthcare Expenses of $5,250 -$5,250 $0 (HSA funds used)
Funds Leftover $54,750 (after taxes) $56,062 (after taxes)
Tax Savings Year One $0 $1,312
Potential Tax Savings Year Five $0 $6,560
* For illustrative purposes only. Federal income tax rates vary; in this example we use 25%. Your tax rate may be more or less than 25% so your
savings may vary from this example. HSA contribution used relects the maximum amount a W&T Offshore employee is eligible to contribute to an
HSA in 2017 if the family coverage tier is elected.
Example Savings at $120,000 Annual Income
Without an HSA With an HSA
Total Income $120,000 $120,000
HSA Contribution $0 -$5,250 (annually)
28% Federal Income Tax* -$33,600 (taxed at $120,000) -$32,130 (taxed at $114,750)
Healthcare Expenses of $5,250 -$5,250 $0 (HSA funds used)
Funds Leftover $81,150 (after taxes) $82,620 (after taxes)
Tax Savings Year One $0 $1,470
Potential Tax Savings Year Five $0 $7,350
* For illustrative purposes only. Federal income tax rates vary; in this example we use 28%. Your tax rate may be more or less than 28% so your
savings may vary from this example. HSA contribution used relects the maximum amount a W&T Offshore employee is eligible to contribute to an
HSA in 2017 if the family coverage tier is elected.
Example Savings at $200,000 Annual Income
Without an HSA With an HSA
Total Income $200,000 $200,000
HSA Contribution $0 -$5,250 (annually)
33% Federal Income Tax* -$66,000 (taxed at $200,000) -$64,268 (taxed at $194,750)
Healthcare Expenses of $5,250 -$5,250 $0 (HSA funds used)
Funds Leftover $128,750 (after taxes) $130,482 (after taxes)
Tax Savings Year One $0 $1,732
Potential Tax Savings Year Five $0 $8,660
* For illustrative purposes only. Federal income tax rates vary; in this example we use 33%. Your tax rate may be more or less than 33% so your
savings may vary from this example. HSA contribution used relects the maximum amount a W&T Offshore employee is eligible to contribute to an
HSA in 2017 if the family coverage tier is elected.
© 2016 Lockton, Inc. All rights reserved.
[Rev 09/26/16] ] EB\S-Z\W&T08\EE Comm\Flyers\201\Overview of Plan 5824.pdf
