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Paying the Fine

Consumers who do not qualify for tax exemption for the health insurance requirement for 2014 will pay a fine via his or her tax returns. The penalties will be determined by one of two calculations, whichever is greater-$95 per person, per year and $47.50 per child under 18. For a maximum per family the penalty is  1% or; $285 of the yearly taxable household income. For uninsured married couples with two uninsured children under 18 and an adjusted annual income of $55,000, for example, the penalty will be $347. Penalties will increase in 2015 and 2016. Using the same...
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