Scenario: You are single and 35 years old. You are thinking of leaving your employer in January 2015 and becoming self-employed. However, replacing the insurance you currently receive through your employer is a big concern. You have saved a nice nest egg, but you know that the medical costs from one serious accident or the development of a serious medical condition could wipe out your savings. You estimate your net income will be $32,500 in your first year of self-employment. You are looking to enroll in health care through the health insurance marketplace. The estimated benchmark premium in your state for a 35-year-old is $3,000 per year. You are responsible for paying 7.50% of your income for health insurance. You are also considering purchasing disability insurance and long-term care insurance in case something happens in which you are no longer able to work or care for yourself, Think about the Affordable Care Act (ACA) and answer the following questions: If you choose to not enroll in a health insurance plan during 2015, your tax penalty under the Affordable Care Act (ACA) will be the greater of either of your gross income. or If you are subject to the tax penalty, it will be paid by monthly automatic withdrawals from your checking account quarterly when the IRS sends you a bill on your income tax return The tax penalty applies to each that you do not have coverage for health insurance coverage for yourself or a member of your household You are, however, allowed a maximum gap of months before becoming subject to the penalty tax. Show transcribed image text Scenario: You are single and 35 years old. You are thinking of leaving your employer in January 2015 and becoming self-employed. However, replacing the insurance you currently receive through your employer is a big concern. You have saved a nice nest egg, but you know that the medical costs from one serious accident or the development of a serious medical condition could wipe out your savings. You estimate your net income will be $32,500 in your first year of self-employment. You are looking to enroll in health care through the health insurance marketplace. The estimated benchmark premium in your state for a 35-year-old is $3,000 per year. You are responsible for paying 7.50% of your income for health insurance. You are also considering purchasing disability insurance and long-term care insurance in case something happens in which you are no longer able to work or care for yourself, Think about the Affordable Care Act (ACA) and answer the following questions: If you choose to not enroll in a health insurance plan during 2015, your tax penalty under the Affordable Care Act (ACA) will be the greater of either of your gross income. or If you are subject to the tax penalty, it will be paid by monthly automatic withdrawals from your checking account quarterly when the IRS sends you a bill on your income tax return The tax penalty applies to each that you do not have coverage for health insurance coverage for yourself or a member of your household You are, however, allowed a maximum gap of months before becoming subject to the penalty tax.
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