Maryland Small Business Health Care Tax Credits Calculator
Use our Small Business Health Care Tax Credits Calculator to find out your eligibility and the amount of credit you may expect. Please keep in mind that the results from this calculator are simply an estimate. The estimate is contingent upon accurate inputs for FTEs, average wages and employer premium contribution. But you don’t have to wait until enrollment begins on April 1, 2014, to find out if you qualify for the Maryland small business health care tax credits and deductions. You can consult with your tax advisor or accountant to learn if you qualify, and if so, how much your credit may be.
- Contribute at least 50% toward employee premium costs
- Employ fewer than 25 full-time employees (employers with fewer than 50 part-time workers may be eligible)
- Pay an average annual salary of less than $50,000 per FTE
It’s good to know:
- Owners are excluded, and should not be counted in number of employees, wages or premium contribution amount.
- Tax credits can’t be larger than actual income tax liability.
- Your contribution requirement also applies to employees’ add-on coverage such as vision or dental coverage.
- The health care tax credits and deductions are available only if you get coverage through the SHOP.
All of your personal information is confidential and will not be saved in our system. It will be deleted automatically when you are done using the calculator.
Find out your estimated annual tax credit in four easy steps.
Do not use commas when entering numerical values.