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Allstate Gospel Superfest Battle of the Bands New Talent Search to Return in August!

Allstate Gospel Superfest Battle of the Bands New Talent Search to Return in August!

Producers of the Allstate Gospel Superfest

The Allstate Gospel Superfest Battle of the Bands New Talent Search to Return in August!- Jacksonville, Memphis & Washington, DC Chosen to Host the 2014 Competitions -(BLACK PR WIRE) – Cincinnati, OH – Producers of the Allstate Gospel Superfest will conduct its sixth annual new talent initiative in three major U.S. cities this coming…

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Dorothy Buckhanan Wilson Installed as International President of Alpha Kappa Alpha Sorority, Incorporated

Dorothy Buckhanan Wilson Installed as International President of Alpha Kappa Alpha Sorority, Incorporated

Charlotte, NC (BlackPR.com)

Dorothy Buckhanan Wilson of Milwaukee, Wisconsin, a business executive, was installed as the 2014-2018 International President of Alpha Kappa Alpha Sorority, Incorporated (AKA)

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Nielsen Expands Communications Leadership Team with Key Media Relations Hire

Nielsen Expands Communications Leadership Team with Key Media Relations Hire

New York (BlackPR.com)

New York (BlackPR.com) -- Nielsen today announced that Andrew McCaskill has joined Nielsen as Senior Vice President, Corporate Communications. He will report to Chief Communications Officer Laura Nelson.

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Voter Suppression: It’s Mobilization Time

Voter Suppression: It’s Mobilization Time

Written by Peter Grear

With this article we will start detailing the ingredients of a revisable action plan that needs comments and revisions as we move toward the Tuesday, November 4, 2014 General Election.  

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Las Vegas Comedian James Bean's Candid Account Of His Struggle With Suicide

Las Vegas Comedian James Bean's Candid Account Of His Struggle With Suicide

WHEN THE HUMOR IS GONE

James Bean has shown insight and understanding of the darkest moments of many people’s lives as well as ideas on how one could begin to create a life worth living even out of the depths of despair.” -– Rhonda Duncombe, LMFT, LADC

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Voter Suppression: NC Black Republican Advisory Board

Voter Suppression: NC Black Republican Advisory Board

Written by Peter Grear

Educate, Organize and Mobilize: I confess that I’m amazed. The Republican National Committee and the Republican Party of North Carolina announced last week that they have launched theNorth Carolina Black Advisory Board (BRAB) 

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Tips for Managing Stress in Your Life

Tips for Managing Stress in Your Life

Written by State Point

Stress is not only unpleasant; it can be overwhelming, ultimately preventing you from solving the problems that caused the stress in the first place. But getting focused can help you feel happier and be more successful professionally, financially and in your relationships, say experts.

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Voter Suppression: Defeating it requires two massive efforts

Voter Suppression: Defeating it requires two massive efforts

Written by Peter Grear

For black voters, Benjamin Jealous expressed what I believe to be the critical message for black voters when he said that the best way to overcome massive voter suppression is through a massive wave of voter registration.  Thankfully, the NAACP is putting this theory into action through the Youth Organizing…

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Black Women are Taking Care of Business

Black Women are Taking Care of Business

Written by Freddie Allen

Instead of breaking the glass ceiling, Black women have increasingly started making their own. According to the Center for American Progress, an independent, nonpartisan progressive institute, Black women are the fastest-growing group of entrepreneurs in the country.

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Voter Suppression: Is it partisan?

Voter Suppression: Is it partisan?

Written by Peter Grear

Educate, Organize and Mobilize: I’ve been doing commentaries on our Campaign to Defeat Voter Suppression since November, 2013.  Because the right to vote is fundamental to our democracy, I’ve tried to promote a non-partisan theory of voter enfranchisement. 

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Why vote? ALEC and the Doctrine of Exclusion

Why vote? ALEC and the Doctrine of Exclusion

By Peter Grear

Educate, Organize and Mobilize: Frequently, in going forward it is imperative to examine your history.  In 1638 the Maryland Colony issued a public edict encouraging the separation of the races that became the public policy of America. 

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Download Greater Diversity News Digital PDF Edition for FREE

Download Greater Diversity News Digital PDF Edition for FREE

FREE Full PDF Edition includes stories not featured on the website

The FREE Full PDF Edition includes stories not featured on the website. No paper, no hasel, read on your laptop or mobile devices. 

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Tax Credit Helps Small Businesses Pay for Health Care

Written by Greater Diversity News on 10 June 2010.

Small Businesses Pay for Health CareStarting in April, millions of small businesses began to receive postcards from the Internal Revenue Service about the new Small Business Health Care Tax Credit.Even if your business hasn't received a postcard, you may still be eligible for this credit designed to help small businesses and non-profit organizations that pay employee health insurance premiums in 2010, says Bill Terando, a professor of accounting at Butler University.

The credit was part of the health care reform legislation, the Patient Protection and Affordable Care Act, approved by Congress and signed into law by President Barack Obama in March.

The Congressional Budget Office estimates that the tax credit will save small businesses $40 billion by 2019.

For employers to be eligible, they must pay their employees' health insurance premiums under a "qualifying arrangement"--i.e., in an amount equal to a uniform percentage (not less than 50 percent) of the premium cost of the coverage.

As a result, if an employer pays only a portion of the premiums for the coverage under the arrangement (with employees paying the rest), the amount of premiums counted in calculating the credit is only the portion paid by the employer. For example, if an employer pays 80 percent of the premiums for employees' coverage (with employees paying the other 20 percent), the 80 percent premium amount paid by the employer counts in calculating the credit.

To avoid businesses trying to get a larger credit by choosing a more expensive health plan, an employer's eligible contribution is limited to the average cost of health insurance in that state.

Employers with fewer than 25 full-time employees (more if you have part-time employees) and less than $50,000 in average wages may be able to reduce their tax obligation. The credit phases out gradually for firms with average wages between $25,000 and $50,000 and for those with the equivalent of between 10 and 25 full-time workers.

The credit is worth up to 35 percent of health insurance premiums paid by a business and up to 25 percent of those paid by a non-profit organization. On Jan. 1, 2014, the credit percentage increases to 50 percent for businesses and up to 35 percent for non-profit groups.

For example, let's say a qualified for-profit business employer has nine full-time employees with average annual wages of $23,000 each. The employer pays $72,000 in health care premiums for those employees and otherwise meets the requirements for the credit. To calculate the credit, the employer would multiply $72,000 by 35 percent for a credit of $25,200.

Keep in mind the amount of the credit cannot exceed the total amount of income and Medicare (i.e., hospital insurance) taxes the business or organization is required to withhold from employees' wages for the year and its share of Medicare tax on employees' wages.

For example, a qualified non-profit organization has 10 full-time employees (or their equivalent) with average annual wages of $21,000. The employer pays $80,000 in health care premiums for those employees and otherwise meets the requirements for the credit. The total amount of the employer's income-tax and Medicare-tax withholding plus the employer's share of the Medicare tax equals $30,000 in 2010. In this case, the credit is calculated like this:
* Initial amount of credit determined before any reduction: 25 percent x $80,000 = $20,000
* Employer's withholding and Medicare taxes: $30,000
Total 2010 tax credit is $20,000 (the lesser of $20,000 and $30,000).

Eligible small businesses can claim the credit as part of the general business credit starting with the 2010 income-tax return they will file in 2011. The credit is non-refundable, but may be carried back one year and carried forward 20 years if it is larger than a company's tax liability. They may also reduce their estimated tax payments by the credit amount to get the benefit in the current year. The credit is refundable for most non-profit organizations.

For more information on the Small Business Health Care Tax Credit, please visit www.irs.gov.

Bill Terando, who has a doctoral degree in accounting with a specialization in taxation, joined Butler's College of Business in 2009. He previously taught at the University of Notre Dame and Iowa State University and worked in public accounting for KPMG Peat Marwick in Sacramento, Calif.

 

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