WHAT HEALTH CARE REFORM COULD COST YOU

PT_human-resources-video

Home » Human Resource Management » WHAT HEALTH CARE REFORM COULD COST YOU

Share

Are you prepared for 2013?

Phoenix Paytech Health_care_reform

 

 

 

 

 

2013 Healthcare Reform

In just a few months starting in 2013, five major taxes will phase in. These taxes are part of the comprehensive health care reform package enacted by Congress in 2010. They are:

1) Medical device manufacturing tax – 2.3 percent tax on medical device makers will raise the price of (for example) every pacemaker, prosthetic limb, stent, and operating table.

2) High medical bills tax currently Americans deduct medical expenses as an itemized deduction to the extent the costs exceed 7.5 percent of one’s adjusted gross income. In 2013 the percentage will increase to 10 percent of adjusted gross income for taxpayers less than 65 years of age.

3) Flexible spending account cap flexible spending accounts will face a new federally imposed $2,500 annual cap. These pretax accounts, which currently have no federal limit, are used to purchase everything from contact lenses to children’s braces.

4) Surtax on investment income 3.8 percent tax on adjusted gross income applies to joint filers with AGI in excess of $250,000 and single filers with AGI in excess of $200,000.

5) Surtax on earned income 9 percent Medicare tax is levied against joint filers with wages above $250,000 and single filers with wages above $200,000. Also included are the earnings of self -employed sole proprietors.


Share

Ready for Award-Winning HR,
Payroll, and Accounting
Solutions with PayTech?

Paytech-2D-Assets

Latest Tips from Our Blog

5 Benefits of Outsourced Accounting and Payroll Services

Share

ShareAccounting and payroll services can be some of the most time-intensive and stressful tasks for any organization. Between time management, proper accounting, and the legal…


Share
Read More...

How to Find the Best Payroll Software for Your Construction Company

Share

ShareWhen trying to identify the best payroll software for a construction company, there are many variables to consider. Realistically, the message behind the search can…


Share
Read More...

Using Cloud Payroll Systems to Help your Business Grow

Share

ShareFor any size organization, a cloud-based payroll system is an integral part of accounting efficiency. It will also be a surefire way to safeguard your…


Share
Read More...