This Affordable Care Act creates a tax credit to help small businesses and small tax-exempt organizations afford the cost of covering their employees and is specifically targeted for those with low- and moderate-income workers. The credit is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have. While not very popular, companies with up to 25 EEs and $50k in wages can get a tax credit.
Tagged: Small Group Tax Credit
In this session…
Federal law gives a tax credit to eligible small employers who provide health care coverage to their employees. These questions and answers provide information on the credit for tax years beginning in 2014.
Employers with 25 or fewer full-time equivalent employees and $50,000 or less in average wages may be eligible for a tax credit of up to 50% of what the employer is paying for employee and dependent health coverage. This calculator includes info from 2010 to 2013 as well as 2014 and beyond.