Wednesday, February 26, 2014

Shared Responsibility Tax

Don't forget to pay your  "fair share" all you low information voters...


In “IRS Reminds Individuals of Health Care Choices for 2014”the agency details the calculations Americans can look forward to if they are liable for the tax:
If you (or any of your dependents) do not maintain coverage and do not qualify for an exemption, you will need to make an individual shared responsibility payment with your return. In general, the payment amount is either a percentage of your household income or a flat dollar amount, whichever is greater. You will owe 1/12th of the annual payment for each month you (or your dependents) do not have coverage and are not exempt. The annual payment amount for 2014 is the greater of:
1 percent of your household income that is above the tax return filing threshold for your filing status, such as Married Filing Jointly or single, or
Your family’s flat dollar amount, which is $95 per adult and $47.50 per child, limited to a maximum of $285.
 As confirmed by previous  IRS testimony to the tax-writing House Committee on Ways and Means, “taxpayers will file their tax returns reporting their health insurance coverage, and/or making a payment”.  
Once fully phased in, the Obamacare individual mandate tax will rise steeply, to a maximum of 2.5 percent of Adjusted Gross Income or $2,085 – whichever is higher
Its time to impeach Obama now!

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