Will ObamaCare Impact Your Small Business? ObamaCare’s small business tax breaks and credits are available to cover ObamaCare small business cost increases. While 96% of employers won’t pay additional taxes, there is an increase to the current Medicare part A tax, paid by 3% of businesses and employees making over $200,000.
There is also a requirement for employers with the equivalent of over 50 full-time equivalent employees to purchase health insurance for their workers or pay a penalty by 2015 / 2016. The Affordable Care Act offers incentives, such as tax breaks and tax credits via the SHOP Exchange, to small businesses with the equivalent of less than 25 full-time workers to help them provide health benefits to employees. 90% of US firms have less than 20 full-time employees.
Get all of your questions answered at ObamaCareFacts.com.
Beginning in 2015, penalties will begin being levied against businesses that do not meet the Affordable Care Act’s requirements for providing employees with affordable coverage options. There are many confusing stipulations that are creating misinformation among business owners and their employees.
To help educate and differentiate the myths from the truth, The Kaiser Family Foundation has created a simple flowchart outlining the basic requirements employers face. Educate yourself and protect your business.
The Affordable Care Act was passed by Congress and then signed into law by the President Barrack Obama on March 23, 2010.
On June 28, 2012 the Supreme Court rendered a final decision to uphold the health care law.
Certified Full-Text Version: Affordable Care Act (PDF – 4.27 MB)
Certified Full-Text Version: Reconciliation Act (PDF – 282 KB)