Received in Company Email this morning. Sorry if this is off-topic but just had to post this for comment. This must be that big HUGE savings and credit we were promised. BTW: $40 of $125 is about 32% tax rate. (note - there is no linked article)
Important notice from RETRACTED Payroll
In April, you received a one-time, $125 credit in your pay toward your 2012 health care contributions as a result of the Patient Protection and Affordable Care Act of 2010. (If your contributions were less than $125 as of April 2, 2012, your credit was equal to your contributions.)
Under IRS rules, your credit is subject to tax withholding, and in order to comply with those rules, the Company will be withholding about $40 in additional taxes from your last pay in June. (If your credit was less than $125, the additional withholding will also be less.) In addition, your taxable gross income on that check will be increased to reflect the credit.
No action is required on your part. Your credit remains the same. The Company will be adjusting your withholding as required by the IRS.
So in other words they are giving me a $125 'credit' toward ObumbleCare but then taking back $40 for taxes on it leaving me with a whole $85 in exchange for surrendering control over my own health care (and the health care of my family).
#2
Does this mean that if you were a lazy bum had not job or income, you will be eligable for the entire $125. credit or payment (as in "Earned Income Tax Credit")?
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