Pit & Quarry, July 2017
HEALTH CARE An additional Medicare tax also went into effect in 2013 that applies to the wages compensation and self employment income received each taxable year above a threshold amount The 09 percent Medicare Part A tax is paid by both employees and employers Often overlooked however is the fact that an aggregate producer with profits in excess of 250000 faces a 09 percent increase from 29 to 38 percent on the current Medicare Part A tax Because this tax is split between the employer and employee they both have seen a 045 percent increase in the Medicare portion of payroll taxes Fortunately small businesses earning under 250000 are exempt from the tax Employees making less than the 200000 threshold as an individual or 250000 as a family are also exempt THE EXCHANGES The ACA continues to offer small aggregate producers affordable insurance options cost assistance and increased buying power via the Small Business Health Options Program SHOP Small businesses employing fewer than 50 workers can use SHOP to get better deals on employee insurance but they arent required to do so The SHOP marketplace is specifically for small employers who want to provide health and dental insurance to their employees affordably f lexibly and conveniently While it is not necessary to wait for an open enrollment period to use the SHOP marketplace an aggregate producer must have 50 or fewer FTEs with at least one FTE being a person other than owners partners or family members The SHOP marketplace introduced new features that make it easier to choose manage and get support for when buying SHOP plans Starting with 2017 plan year coverage an aggregate producer using the SHOP marketplace can Offer employees more choices In some states the business can now select any insurance company offering SHOP marketplace plans in its area and allow employees to choose any available plan from that company in any category Bronze Silver Gold or Platinum As was the case last year employees can be offered a single health insurance plan or theyre allowed to choose any available plan within a single coverage category selected by the business Every business can now see a breakdown of premium costs by employee and dependent if applicable instead of seeing only its total monthly premium Finding an agent or broker is easier Employers now have more SHOP registered agents and brokers to choose from in their area THE SMALL BUSINESS TAX CREDIT The plans offered on the state exchanges are classified in four pitandquarry com THE SURE WAY OF BREAKING ROCK SURESTRIKE Introducing the NEW SS Series Reduced Weight Stronger Design Increased Single Blow Impact Energy Fewer Moving Parts Models available up to 150000 foot pounds of energy See Our Complete Line of Hammers for Breaking YOUR Biggest Hardest Oversize Rock Concrete Slag MADE IN THE USA
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