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For those of us who offered healthcare to all employees prior to these "reforms", these new "incentives" offer me nothing but additional expenses and tax burden
by AndyParkinson 16y ago
For those of us who offered healthcare to all employees prior to these "reforms", these new "incentives" offer me nothing but additional expenses and tax burdens.
Don't get me started on crow-baring the "1099 everyone" BS into it. I know its been discussed at length around here. Le sigh.
- ajg1977 16y agoIf you're already providing coverage, what are the additional expenses and burdens (aside from W2 reporting)?
- AndyParkinson 16y agoI'm assuming W-2 reporting will be the easiest part, though it will be a pain. The 1099 thing is a big hidden expense. My businesses are run as lean as they possibly can be so I'll have to hire someone to go and find all the tax ID's for all my vendors. Then I have to pay my accountant to generate all of them for me. I'd imagine cost of staying on top of this will be in the thousands / year. The other thing is the Medicare tax. In a couple years I'll be paying an additional 3.8% to Medicare taxes on each dollar I make over $250k. This feels like a slap in the face given I'm already paying tons of moola for health care costs, which are now skyrocketing because of these "reforms." In general, those who are most likely to be affected by this new tax are the ones that are already paying (or will be forced to start paying) for others' health insurance. Le sigh x2.