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Test Your Obamacare Exchange Knowledge

Test Your Obamacare Exchange Knowledge. QUESTION 1. Q. Circle the dollar amount of cost for an Obamacare Silver Plan ($ 6,400 per person risk) for each coverage category. QUESTION 2.

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Test Your Obamacare Exchange Knowledge

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  1. Test Your Obamacare Exchange Knowledge

  2. QUESTION 1 Q. Circle the dollar amount of cost for an Obamacare Silver Plan ($6,400 per person risk) for each coverage category. A: All are correct. Obamacare costs depend on age, income and number of dependents.

  3. QUESTION 2 Q: An employee is in the 28% marginal Federal Income Tax bracket and pays 12% for FICA, State and City Tax (Total 40% taxes). What is the net (after tax) cost of his $5,000 Obamacare Exchange cost? A: • $2,000 • $3,000 • $5,000 – Exchange costs are after-tax, not pre-tax • None of the above

  4. Question 3 Q: An employee is in the 28% marginal Federal Income Tax bracket and pays an additional 12% for FICA, State and City Tax (Total 40% taxes). How much would the employee need to earn to pay the Obamacare Exchange costs of $5,000? A: • $2,000 • $5,000 • $8,333 – Less $3,333 (40% taxes) = $5,000 • None of the above

  5. QUESTION 4 Q: An employee is in the 28% marginal Federal Income Tax bracket and pays 12% for FICA, State and City Tax (Total 40% taxes). Employer related payroll expenses are 15% for FICA, Workman's Comp and 401K. The employee currently pays $2,000 for health insurance at his employer. What is the employer's cost to assure the employee "breaks even" (gets a raise) if Obamacare costs $5,000? A: • $3,000 • $5,000 • $5,750 - The gross up is $5,000 to net $3,000 plus $750 employer payroll expense. • None of the above

  6. QUESTION 5 Q: The ABC Company is in a 25% marginal income tax bracket. Which expense below is the least costly considering this. • The annual insurance premium of $4,000 to cover a single employee. • A $3,000 annual penalty under Obamacare A: They are equal. Premiums are deductible, penalties are not. Company must earn $4,000 to net $3,000

  7. QUESTION 6 Q: Mary has two job offers. Both pay $36,000 per year. She will need healthcare coverage for herself and three children. Which job is she likely to choose? • Job A: Her healthcare costs 30% of premium ($450 per month). • Job B: Her healthcare cost is $40 per month. A: Likely Job B which allows use of Federal Exchange Subsidies.

  8. QUESTION 7 Q: Circle the statements that are true. • Employee turnover will increase if an employer uses Obamacare for health coverage. • Employee turnover will increase if an employer does not use Obamacare for health coverage. A:Both are true. Mary in Q6 might quit if she is denied Obamacare Subsidies and your Super Stars might quit if their costs are driven up.

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