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Small Business Medical Credit
When the Universal Health Care Bill was passed through Congress, congressional members began to recognize that universal health care may impose an unfair burden upon the millions of small businesses located in the United States. With that in mind, Congress suggested a tax credit for small businesses.
The tax credit is based upon both the number of full time equivalent employees and the average wage of full time employees. Please note, in order to qualify for the credit, employers must provide at least 50% of the cost of coverage for all enrolled full time equivalent employees. The credit is phased out for each of the following thesholds. If your business has average wages above $25,000, and/or full time equivalent employees over 10. The credit is completely eliminated for businesses that exceed the following thresholds. First, if average pay is over $50,000, the credit is not available. Second, if the business employs 25 or more full time equivilent employees the business is not covered.
Also please keep in mind there are certain definitions that must be covered, you may have a case where you employ 13-15 people, but only have 10 full time equivilent employees.
There is also a credit available for not-for-profit entities as well.
For more information about this topic and other similar topics, click here
When the Universal Health Care Bill was passed through Congress, congressional members began to recognize that universal health care may impose an unfair burden upon the millions of small businesses located in the United States. With that in mind, Congress suggested a tax credit for small businesses.
The tax credit is based upon both the number of full time equivalent employees and the average wage of full time employees. Please note, in order to qualify for the credit, employers must provide at least 50% of the cost of coverage for all enrolled full time equivalent employees. The credit is phased out for each of the following thesholds. If your business has average wages above $25,000, and/or full time equivalent employees over 10. The credit is completely eliminated for businesses that exceed the following thresholds. First, if average pay is over $50,000, the credit is not available. Second, if the business employs 25 or more full time equivilent employees the business is not covered.
Also please keep in mind there are certain definitions that must be covered, you may have a case where you employ 13-15 people, but only have 10 full time equivilent employees.
There is also a credit available for not-for-profit entities as well.
For more information about this topic and other similar topics, click here
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Payroll: FICA Withholding Reduced
The tax relief, Unemployment Insurance Reauthorization, and Job Creation Act, which passed in late 2010 brought many changes. One of the key changes, effects how payroll withholding should be calculated on W-2 wages for 2011.
During 2011, Social Security tax will be withheld from an employee's wages at the rate of 4.2% (down from 6.2%) up to the social security wage limit of $106,800. There are no changes for Medicare withholdings on qualifying employees.
It is important to note, that this change also effects self-employed individuals.
Net earnings from self-employment will be taxed at a total rate of 13.3% (down from 15.3%) up to the social security wage limit which is currently $106,800 (remember there is no limit on Medicare, so the tax beyond this income level is a flat 2.9%)
In addition, the credit for one-half of self-employment has changed slightly, due to this change. People whom are interested should check out the IRS website, or just click here.
For more information about this topic and other similar topics, click here
The tax relief, Unemployment Insurance Reauthorization, and Job Creation Act, which passed in late 2010 brought many changes. One of the key changes, effects how payroll withholding should be calculated on W-2 wages for 2011.
During 2011, Social Security tax will be withheld from an employee's wages at the rate of 4.2% (down from 6.2%) up to the social security wage limit of $106,800. There are no changes for Medicare withholdings on qualifying employees.
It is important to note, that this change also effects self-employed individuals.
Net earnings from self-employment will be taxed at a total rate of 13.3% (down from 15.3%) up to the social security wage limit which is currently $106,800 (remember there is no limit on Medicare, so the tax beyond this income level is a flat 2.9%)
In addition, the credit for one-half of self-employment has changed slightly, due to this change. People whom are interested should check out the IRS website, or just click here.
For more information about this topic and other similar topics, click here
Payroll: FICA Withholding Reduced
Starting in 2011 as part of the Job Creation Act, payroll withholding on Social Security should be adjusted down for 2011 only.
Click here for more information
Starting in 2011 as part of the Job Creation Act, payroll withholding on Social Security should be adjusted down for 2011 only.
Click here for more information
Small Business Medical Credit
Starting in 2010, as part of the Medical Reform Act, certain small businesses may be eligible for a tax credit for payments made for employee's health insurance premiums.
Click here for more information.
Starting in 2010, as part of the Medical Reform Act, certain small businesses may be eligible for a tax credit for payments made for employee's health insurance premiums.
Click here for more information.
Individual 1040 Links. IRS 1040 Form, Individualincome tax return. United States individual tax return. IRS personal return. IRS individual income
tax return. State of Michigan individual income tax. Michigan form 1040. City of Grand Rapids individual income tax. City of Grand Rapids form
1040. City of Walker individual income tax. City of Walker form 1040. Federal estimated payments. State of Michigan estimated payments. City of
Grand Rapids MI Michigan estimated payments. Corporate income tax return, form 1120. Corporate income tax return. Michigan Business Tax
Return. Annual Michigan corporate tax return. City of Grand Rapids MI corporate tax return. City of Walker MI corporate tax return. Federal
Withholding Tables. State of Michigan withholding tables. IRS form 433-A. IRS form 433-B. IRS form 433-F. IRS form 656, offer in compromise. IRS
form 5405, first time homebuyer credit
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815 Alger SE
Grand Rapids MI 49507
Tel: (616) 245-7941
Fax: (616) 245-7860
info@dalbergandassociates.com
815 Alger SE
Grand Rapids MI 49507
Tel: (616) 245-7941
Fax: (616) 245-7860
info@dalbergandassociates.com