There are many provisions and rules to know about Obamacare so let\u2019s start with some basics that you should know.<\/p>\n
Individual Shared Responsibility:<\/em> This provision requires you and your family to have qualifying health insurance, otherwise you will need to make a responsibility payment (really a tax) on your 2014 tax return. The payment is the greater of 1 percent of your household income that is above your tax return filing threshold or a flat dollar amount of $95 per adult and $47.50 per child, limited to a family maximum of $285.<\/p>\n Small Business Health Care Tax Credit:<\/em> A small business, defined as having fewer than 25 employees who work full-time, may be eligible for a tax credit to reduce the health insurance premium cost. The maximum credit is 35% of premiums paid for health insurance as long as the employer pays at least 50% of the premiums. Also, the average annual wages of employees must be less than $50,000.<\/p>\n Premium Tax Credit for Individuals: <\/em>If you qualify, you may be able to receive a credit for your health insurance. To be eligible, you must satisfy the following requirements: You need to purchase your health insurance through the Health Insurance Marketplace, you need to have household income between one and four times the federal poverty line (for a family of four the range is $23,550 to $94,200), and you can\u2019t be eligible for other coverage, such as Medicare.<\/p>\n","protected":false},"excerpt":{"rendered":" There are many provisions and rules to know about Obamacare so let\u2019s start with some basics that you should know. Individual Shared Responsibility: This provision requires you and your family to have qualifying health insurance, otherwise you will need to make a responsibility payment (really a tax) on your 2014 tax return. The payment is […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[9,18],"tags":[36,43,55],"class_list":{"0":"post-51","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-insurance","7":"category-taxes","8":"tag-insurance","9":"tag-obamacare","10":"tag-taxes","11":"entry"},"_links":{"self":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/51","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/comments?post=51"}],"version-history":[{"count":0,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/51\/revisions"}],"wp:attachment":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/media?parent=51"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/categories?post=51"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/tags?post=51"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}