Beginning in 2014 the Patient Protection & Affordable Care Act (the health care legislation sometimes known as Obama Care) will impose the new requirement that U.S.persons, with certain exceptions, have minimal, essential health care insurance. A minimum essential health care policy is one in which the insurer pays 60% of the average medical expenses incurred by an average … [Read more...] about Mandatory Health Insurance Will Begin in 2014
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Ready For a Take-Home Pay Cut?
For two years, employees have enjoyed a 2% reduction in the FICA payroll tax. That will all come to an abrupt end beginning with their first payroll check in 2013 when the FICA rate returns to 6.2% (up from 4.2% in 2011 and 2012). Self-employed individuals will have a corresponding increase in their SE tax. The maximum wage subject to the FICA tax in 2013 is $113,700 (up from … [Read more...] about Ready For a Take-Home Pay Cut?
Eldercare Can Be a Medical Deduction
With people living longer, many individuals find themselves becoming the care provider for elderly parents, spouses and others who can no longer live independently. When this happens, questions always come up regarding the tax ramifications associated with the cost of nursing homes or in-home care. Generally, the entire cost of nursing homes, homes for the aged, and assisted … [Read more...] about Eldercare Can Be a Medical Deduction