ERIKSEN GROUP
phone
x x x
 

Blog

2013 HCR Employer Requirements

2013 HCR Employer Requirements

1)      Medicare Part A Tax

This tax affecting high income tax payers was created to help fund the Medicare program. An additional 0.9% tax will be applied to wages, other compensation, and self-employment income when it exceeds the following threshold based on the following taxpayer filing status:

a) A joint return of $250,000 or more

b) $125,000 in the case of a married individual filing a separate return

c) $200,000 for any other case

According to the IRS, the mandate requires an employer to withhold Additional Medicare Tax on wages it pays to an employee in excess of $200,000 in a calendar year, beginning January 1, 2013.

As an employer, it’s important to consult with your tax or legal advisors. For questions and answers about this requirement, please go to http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Questions-and-Answers-for-the-Additional-Medicare-Tax.

2)      W-2 Reporting Employer Provided Health Coverage

Under the new law, employers are required to report the cost of employer-sponsored health benefits as a new, separate entry on employee W-2 forms on an annual basis.

·         Employers who file 250 or more W-2 forms must comply with the provision for tax year 2012 W-2 forms, which should be filed in January 2013.

·         Employers who file fewer than 250 W-2 forms will not be required to report the cost of health coverage until further guidance is issued by the IRS.

This W-2 reporting is for informational purposes only- to show employees the value of their health care benefits so they can be more informed consumers. According to the IRS, it does not cause excludable employer-provided health care coverage to become taxable.

Humana strongly encourages you to consult with your legal or tax advisors on how to fulfill this reporting requirement.

Humana’s e-Billing tool is also available at Humana.com to get billed premium reports to help you with this requirement. Go to http://www.humana.com/employersto sign up or register then click on “Billing & Enrollment” and click on “eBilling”.

For questions and answers about this requirement, please go to http://www.irs.gov/uac/Form-W-2-Reporting-of-Employer-Sponsored-Health-Coverage.”

Tags: , , , , , , , , , , , , , , , ,

Comments are closed.

Newsletter Signup

Free Consultation
image_questions
Change Your Broker
 
x x x