Bonnie Lee
FoxBusiness
2/1/2013
The Patient Protection and Affordable Care Act was passed by Congress and signed into law back in 2010, but many of the provisions are just starting to be implemented, and this could impact small business owners in a big way.
Here’s a list of new health-care issues and medical tax law changes every small business owner needs to know…
…A new Additional Medicare Tax of 0.9% goes into effect starting this year and applies to employee wages (and your self-employment income) that exceed a threshold amount based on an individual’s filing status. The threshold amounts are $250,000 for married taxpayers who file jointly, $125,000 for married taxpayers who file separately, and $200,000 for all other taxpayers. An employer is responsible for withholding the Additional Medicare Tax from wages or compensation it pays to an employee in excess of $200,000 in a calendar year. Your payroll processing company is likely attuned to this new issue. If your payroll however, is prepared in-house, make sure your staff is aware of this tax law change…
…Beginning in 2013, there are new rules about the amount that can be contributed to a Flexible Spending Account (FSA). Notice 2012-40 provides information about these rules and flexibility for employers applying the new rules…
Read the complete article at FoxBusiness.
Update: The IRS analysis of Obamacare coverage costs reveals the left’s real agenda, at The Astute Bloggers. It’s all about “the structure” as Obama admitted to Jon Stewart.
