Small Business

Small Business Tax Credits Calculator

Maryland Small Business Health Care Tax Credits Calculator

Use our Small Business Health Care Tax Credits Calculator to find out your eligibility and the amount of credit you may expect. Please keep in mind that the results from this calculator are simply an estimate. The estimate is contingent upon accurate inputs for FTEs, average wages and employer premium contribution. Consult your tax advisor or accountant to learn if you may qualify for Maryland small business health care tax credits and deductions, and if so, how much your credit may be.

Eligible employers:

  • Contribute at least 50% toward employee premium costs
  • Employ fewer than 25 full-time employees (employers with fewer than 50 part-time workers may be eligible)
  • Pay an average annual salary of less than $50,000 per FTE

It’s good to know:

Important notes:

  • Owners are excluded, and should not be counted in number of employees, wages or premium contribution amount.
  • Tax credits can’t be larger than actual income tax liability.
  • Your contribution requirement also applies to employees’ add-on coverage such as vision or dental coverage.
  • The health care tax credits and deductions are available only if you get coverage through the SHOP.

All of your personal information is confidential and will not be saved in our system. It will be deleted automatically when you are done using the calculator.

Find out your estimated annual tax credit in four easy steps.

Do not use commas when entering numerical values.

  • To calculate this number add up total number of hours worked by all employees during the year (with a maximum of 2080 hours per employee) then divide that total by 2080 and round to next lowest whole number.

  • Add up all the amounts in Box 1 (wages) of every employee’s W-2 form.

  • Add up the premium contribution the business pays for each employee. This must be at least 50% of the total premium cost for every worker.

Your estimated annual tax credit:

  • Your estimated annual tax credit for 2010-2013:
  • Your estimated annual tax credit for 2014+:

Note: This does not constitute tax advice. Contact your tax professional for information regarding your refund or tax liability.

This is a preliminary estimate, and is contingent upon accurate inputs for FTEs, average wages, and employer premium contribution as defined by the provisions of the healthcare legislation. Go to the IRS website for more information.