The Rude Awakening to the Taxes in ObamaCare Taxes for Employers of 50 or More

This article will cover very briefly the $2000 and $3000 penalties facing employers with regards to the Affordable Care Act. Additionally, we will briefly discuss countermeasures to reduce a companies exposure to the new taxation. Employers not up to speed on these taxes will certainly be in for a rude awakening. Most employers will be surprised to find out that the $3000 penalty applies to companies that actually provide group health insurance to employees. However, if the employer has not contributed enough to make health care "affordable" for the employee as defined in Obamacare the $3000 penalty kicks in. The affordability clause covers employees earning between 131% to 400% of the Poverty Level. In December of 2012 that is employees earning between $31,000 and $93,000. This covers the bulk of most employees staff. Employers Beware!!! This article is not to be construed as legal advice but an overview. Check with your organizations tax professional for details pertaining specifically to your company.

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