Tax Changes for 2013…Obama Care…

Wednesday, November 21st, 2012 Hytrek CPA

Major Tax Changes Coming in 2013

Lonny Hytrek's Takeaway of Obama Care Tax Implications and Changes

Obama Care Year 2013 Changes

Obama Care Year 2014 Changes

Cadillac Plans

Other Tax Changes

Old Bracket New Bracket
10% 28%
15% 31%
25% 36%
28% 39.6%
33%  
35%  

2012 maximum rate 15%

2013 Maximum rate  20%

2012 maximum rate 15%

2013 Taxes as ordinary income possible maximum rate 43.4%

 

Comments

By Adrienne on May 12th, 2013 at 8:32 pm

I don’t know how true this is but with the new Obama care plan I have heard that I will no longer be allowed to work more than 29 hours a week unless I maintain health insurance through my job. Now, during summer and winter break from college I can maintain a minimal amount of hours that are required to be eligible for health insurance, but during school months I can not. I’m a single mom, and pissed off. I can barely afford my bills as it is, I need to work extra hours during breaks from school to be able to maintain my bills while I’m in school, because obviously I can not work as many hours. As if I wasn’t stressed out enough already, I’m beyond stressing out at this point. It’s not fair or right to implement a law saying I must obtain health insurance from my work place in order to work more hours, especially when like I said, I am unable to maintain the amount of hours necessary to be eligible for health insurance. This is complete garbage if it is true, how an I suppoSed to support myself, my daughter, and go to school? Thanks Mr. Obama, you’re doing a FANTASTIC job. Not!

Obama care set an arbitrary limit of 30 hours per week to define a full-time employee. Many employers will be reducing their employees hours below 30 to avoid being considered full-time. This will not necessarily save the employer from the penalty. What I am worried about is employers laying off employees trying to make up for the penalties they will be charged. I share your frustration and encourage you to contact your elected representatives and tell them to change the law.

 

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