Suppose you're one of the millions of Americans for whom it makes much more financial sense to pay the Obamacare tax than it does to buy health insurance and do not have health insurance through your employer. To avoid getting hit with a larger tax bill than you might otherwise expect when you file your taxes for 2014, how much extra should you have withheld from each of your paychecks today?
Our latest tool will help you answer this critical question, because the IRS' withholding tables for 2014 do not take the Affordable Care Act's income tax increase for 2014 into account.
Just enter the indicated data in our tool, and we'll do the math that will apply for you for the 2014 tax year (it will not apply for 2015 or any year afterward).
Depending upon how expensive health insurance is in your region, you may be exempt from the tax if the annual cost of the premiums for a "Bronze"-level plan exceeded 8% of your annual household income, so you'll want to confirm if that's the case for you.
Political Calculations is a site that develops, applies and presents both established and cutting edge theory to the topics of investing, business and economics.
Be the first to read Political Calculation's column. Sign up today and receive Townhall.com delivered each morning to your inbox.