Small Business Tax Credit Calculator
Find out if you may be able to claim a Small Business Health Care Tax Credit when you offer health insurance through beWellnm for Small Business.
Use the calculator to walk through eligibility factors and calculate your estimated tax credit. Be sure to consult your tax advisor or attorney regarding your specific tax liability.
In general, your business or nonprofit may be eligible for the tax credit if you:
- Employ fewer than 25 full-time-equivalent (FTE) employees
- Pay average wages per employee of less than $55,000
- Buy health insurance through beWellnm for Small Business
- Contribute at least 50% toward employees’ premiums
Estimate Your Tax Credit
It appears you may not qualify for the Small Business Health Care Tax Credit based on the information entered. However, there are other calculation methods that can be used to determine eligibility. Consult with your legal, accounting or benefits advisor to evaluate your options.
Connect with a Broker
If you need help calculating your tax credit and understanding the implications for your business, a broker can assist you.
Employers can claim the tax credit for no more than two consecutive years beginning in 2014 or later. For more information about the tax credit, please see IRS Form 8941: Credit for Small Employer Health Insurance Premiums.
This calculator is designed to provide a sample estimate of your tax credit for illustrative purposes only. The information provided is not legal or accounting advice. Your credit may be reduced by other factors, including average small-market premiums in your state, state tax credits, whether you are a tax-exempt organization and future potential changes in legislation. For tax-exempt employers, your credit cannot exceed the total amount paid in income tax withholding and Medicare taxes for the year. Consult your tax advisor to determine if you are eligible for a tax credit and to determine your actual tax credit.