Does it Affect Me?

Author: Keith Huggett 

The Affordable Care Act is going to affect everyone in some way. Does it affect you? The ultimate answer to that question is yes. Is it going to affect your business? It depends. What does it depend on? The answer to that quite honestly is the number of full time equivalent employees you have. A full time employee is any employee who works 30 hours a week or more. Seasonal employees become full time employees after 120 days. 2013 is the base year for determining the employee count for 2014.

The important number for you to consider as a business revolves around the number of employees you have. Do you have more than 50 employees? If not, than the healthcare act is not a factor for you. If you do not have more than 50 employees you are exempt from the fines attached to the healthcare act. Businesses that do not offer their employees health insurance will be fined $2000 for every full time employee that received a government subsidy for purchasing coverage through an exchange, excluding the first 30 employees.

For a more in depth look at the Affordable Care Act, please download our white paper, Healthcare Answers for Today's Questions on our website. 

Should you have any questions regarding the Affordable Care Act, and it's affect on your business, please contact us. The Tax Office, Inc. and it's team of specialists are here to answer your questions.