What’s the tax penalty if you don’t get insured by the end of this month? Probably more than you think.

If you’d rather pay the $95 tax penalty than buy health insurance, you may be in for a surprise. 

For most people, the penalty will be much higher. That $95 fee is only for a single adult with a household income below $19,650. The real penalty in 2014 is calculated one of two ways: $95 per adult and $47.50 per child under 18 per year OR 1% of your household income. You’ll pay whichever is higher.  Using standard deductions, if you are single with no dependents and make $40,000 in 2014, you’ll be taxed 1 percent on $30,000, or $300. Likewise, a married couple that makes $80,000 will be taxed 1 percent on $60,000, or $600.

You will be able to apply for exemptions to the tax penalty if:

• You have financial hardships

• You were homeless

• You were evicted in the past 6 months 

• You have religious objections

• You’re a member of a federally recognized American Indian tribe

• You’re an undocumented immigrant or not here lawfully

• You’re incarcerated

For more possible exemptions from the fine, go to healthcare.gov/exemptions.