The requirements for the tax credit for small groups in 2014 are:
- Have 25 or fewer full-time equivalent employees
- Average annual wage must be $50,000 or less
- Purchase the insurance policy through the SHOP marketplace
A similar equation goes for the wages. Total up the entire amount paid in wages for the year, then divide by the amount of employees. If the final sum is under $50,000, the test has been passed.
For more information about the upcoming changes to healthcare in the Sonoma County, contact Sackett & Associates today to talk to an insurance agent.