About Us

NetCPA's is a CPA firm concentrated on Xero based out of Breckenridge. Terry Power, CPA, is the principal. Terry focuses exclusively on providing Xero-based accounting solutions for small businesses.

He currently has Xero clients in Denver, Summit and Eagle Counties, with plans to expand to anywhere in the US a client needs Xero.    

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Oct 29

Who's Killing the Hairdressers?

Posted by Terrence Power, CPA at Thursday, October 29, 2015

Yesterday I got a haircut at a salon in Breckenridge.  Some of the hairdressers there are clients of mine.  On the way out several of them started talking to me about health insurance.  None of them had any.  

They gross around $40,000 a year.  They pay roughly $10,000 in combined taxes including income and social security taxes.  That leaves only $30,000 a year to live on, or about $2,500 per month.  If they were to purchase insurance under the Affordable Care Act the premium for a silver plan (with a $6,000 deductible) could cost up to 9.5% of their total (not after-tax) income, or roughly another $4,000 a year, leaving only about $2,200 a month to live on.  Therefore, their combined tax and ACA burden would equal 35% per year of their gross income.  

There was a heavy feeling of despair and hopelessness after we finished our little discussion.  No one was smiling.  No one was happy.  No one was optimistic about the future.  

One illness or accident would destroy them financially.

Something is seriously wrong when hardworking women, and men, are subjected to onerous financial burdens by their own country.   

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