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Health Insurance Tax Credit Calculator
This calculator is designed to illustrate the savings you will receive through the new Health Insurance Tax Credit.
It calculates the maximum credit along with any reductions based on the number of Full Time Equivalent employees and average annual staff wages paid by your practice.
The net tax benefit received is calculated by reducing the final tax credit available by the value of the health insurance tax deduction lost by the practice.
Annual Premiums Paid for Staff
Percentage of Premiums Paid by Practice (must be at least 50%)
Tax Rate (federal and state)
Number of Hours a Full Time Employee Works Per Week
Employee Names (excluding owners and family members)
Actual Hours Worked
A. Calculation of Tentative Credit
B. Calculation of Reduction in Credit for Number of Full Time Equivalent (FTE)
Employees Greater than 10 or Average Annual Wages Over $25,000
Total Annual Hours Worked for all Employees (Weeks Worked Equivalency)
Total Annual Wages Paid to Employees
Credit Reduction for Number of FTEs Above 10
Credit Reduction for Average Annual Wages Above $25,000
Final Tax Credit Available
(will be subtracted from Premiums Paid deduction)
C. Net Tax Benefit Received
Value of Tax Deduction Lost Due to the Reduction of
Health Insurance Premiums Deducted by Practice
Net Tax Benefit Received
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