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How will this affect Small and Medium and Large biz?

Discussion in 'Entertainment' started by HBMurphy, Apr 9, 2010.

  1. Apr 9, 2010 at 10:40 PM
    #1
    HBMurphy

    HBMurphy [OP] Ban Pending

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    This ought to stimulate the economy!!!

    2010
    Firms that provide health insurance for workers' families must offer to cover their adult children up to age 26, even if the children are not dependents.
    When the company plan comes up for renewal, it cannot impose exclusions on children with pre-existing conditions. People who are covered cannot be kicked off the plan once they get sick. These policies must pay for preventive checkups without any co-payment by the employee. Company-provided policies cannot have any lifetime limits on health-care spending.
    Businesses must provide the same coverage for all employees, no extra coverage for owners or certain employees.
    Indoor tanning salons start paying a 10 percent tax July 1.
    Businesses with fewer than 11 employees who earn, on average, less than $25,000 a year ($12 an hour for full-timers) can get a 35 percent tax credit for providing health insurance. Businesses that have up to 25 employees and pay up to $50,000 can get a partial credit.

    2011
    Employers must add the value of health insurance to employees' W2 forms.
    Small businesses will be able to provide a tax-free Simple Cafeteria Plan for employees
    Small businesses may voluntarily participate in a federally subsidized long-term health care plan. Employees will be automatically enrolled and pay premiums through payroll deduction unless they opt out.
    Small businesses and their employees who participate in Health Savings Accounts and Medical Savings Accounts will pay 20 percent tax on the amount not used for health expenses. Currently the tax is 10 percent.
    Makers and importers of brand-name drugs will pay $2.5 billion in taxes, rising to $4.1 billion in 2018.

    2012
    Businesses will have to issue an Internal Revenue Service 1099 tax form traditionally given to independent contractors for every business-to-business transaction of $600 or more, even to corporations, which are currently exempted.

    2013
    Employees who take advantage of employer-arranged Flexible Savings Plans will be limited to $2,500 in health bills they can pay with pre-tax dollars. The limit now is $3,000.
    The self-employed and individuals who itemize medical expenses will get a tax deduction when costs exceed 10 percent of income. It's 7.5 percent now. For people over 65 the threshold will remain at 7.5 percent until 2016.
    Medical devices will be taxed 2.3 percent. (Eyeglasses, contacts and hearing aids are excluded.)
    Individuals who earn $200,000 and couples who earn $250,000 will pay a 3.8 percent Medicare payroll tax on salary or investment income.

    2014
    The self-employed and most individuals must buy health insurance, if not provided by an employer, or pay a penalty that starts at $95 in 2014 rising to $325 or 2.5 percent of income (whichever is more) in 2016. Payment will be indexed in the following years.
    Small businesses that pay low wages can receive a credit of up to 50 percent of premiums to buy employee health insurance.
    Health insurance exchanges will be available for the self-employed, individuals and small businesses. Federal credits to help pay the premiums will be available to workers and small-business owners who make too much to qualify for Medicaid but less than 400 percent of the poverty level.
    Businesses with more than 49 full- or part-time employees must provide them health insurance or pay $2,000 for each employee. If they have between 30 and 50 employees and even one of them gets a tax credit for individual health insurance, the company will pay the $2,000 penalty.

    2018
    Employers will start paying a 40 percent excise tax if they provide employees with health insurance that costs more than $8,500 a year for individuals or $23,000 for families. These are the so-called "Cadillac plans."
    Contact the writer: 714-796-7927 or jnorman@ocregister.com
     
  2. Apr 9, 2010 at 10:41 PM
    #2
    EquinsuOcha

    EquinsuOcha Bourbon

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    Why is this in the Entertainment section? Shouldn't it be in 2nd Gen?
     
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