Play or pay: Employer Responsibility under the Affordable Care Act
Business Tax Penalty Guide
Your Result: You have to pay a tax penalty starting January 1, 2015.
Because you have 50 or more employees and some of them received a tax credit, you are subject to a tax penalty. This penalty is considered a tax liability and is not deductible as a business expense. The penalty also is subject to increase each year in line with inflation. The penalty is calculated as follows:
The penalty is $2,000 per year for each employee minus the first 30 employees.
So if, for example, you have 55 employees in your company. You would take 55 employees, minus 30 = 25 employees. You take this number times $2,000 (in this case 25 x $2,000) = $50,000 fine.
The penalty is $2,000 per year for each employee minus the first 30 employees.
So if, for example, you have 55 employees in your company. You would take 55 employees, minus 30 = 25 employees. You take this number times $2,000 (in this case 25 x $2,000) = $50,000 fine.
