Oct 2010 Tax update - In 2010, tax legislation emphasized...

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In 2010, tax legislation emphasized jobs and health care: March 30, 2010, the 2010 Health Care Act, as amended (PL 111-152) For tax years ending after 2013, Non-exempt U.S. citizens will have to have minimum essential health care coverage or pay a penalty. The penalty is phased in and is $95 per adult in 2014. Tax credits will be available for individuals and families with income up to 400% of the poverty level ($88,200 for a family of four using 2009 poverty levels) that are not eligible for Medicaid, employer sponsored plans, or other acceptable coverage. To receive the credit, coverage will be through a "to be established" Insurance Exchange. Large employers (generally having at least 50 full-time employees) that do not comply with the requirements would have to pay a penalty. Tax credits will be available to small businesses offering health coverage. Beginning in 2013, Single taxpayers earning more than $200,000 and married couples earning more than $250,000 will pay 2.35% (up from the current 1.45%) in Medicare
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This note was uploaded on 12/14/2010 for the course BUS 3063 taught by Professor Reginaldrezak during the Spring '10 term at Texas Woman's University.

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Oct 2010 Tax update - In 2010, tax legislation emphasized...

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