Eric Hartmeister
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Federal tax credits are available for small businesses and non-profit organizations to help cover the cost of offering health insurance to employees. The credit is worth up to 50% of the costs you pay for your employees’ premiums; for non-profit employers, the credit is worth up to 35%. To qualify for the tax credit, a business must meet certain criteria, including:
1. Have less than 25 full-time equivalent (FTE) employees. Have a mix of part-time and full-time employees? Here’s a calculator that can help you calculate your company’s FTEs.
2. Have an average employee salary of no more than about $50,000 per year, excluding the wages of the owners and their families.