Taxing the Rich Some More
Just another one of those things we had to pass the bill to find out:
Effective with the 2013 tax year, as part of the Patient Protection and Affordable Care Act (ACA) signed into law by President Obama in 2010, higher income employees are subject to an additional 0.9 percent Medicare tax on their wages with respect to employment in excess of a $250,000 threshold for married couple filing jointly ($125,000 for married filing separately) and $200,000 for single individual and other classifications. This additional tax also applies to self-employment income.
Please note - this is not based on adjusted gross.
Hmmm - wasn’t there something about not taxing anyone making less than $250,000. Guess those poor slubs making $125,000 don’t count.
Not sure how anyone owning a small business in these income brackets can be considered rich - but I guess that is an argument for another day.
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