In other words, if your income is more than $200,000 for a single person, $125,000.00 for a married person that doesn’t file jointly, or $250,000.00 for a married couple filing jointly, you can expect to pay the tax. It will be assessed on your net investment income or the excess of your modified adjusted gross income over the applicable amount. If your income isn’t over the threshold that applies to you, you don’t need to worry about the tax.
Video: Healthcare Takeover – Up Taxes, Debt, and Cut Medicare
A proposal for reforming federal taxes
There is a constant debate between the Democrats and Republicans about Federal taxes and programs such as Social Security, Medicare and Medicaid. Recently at a private fundraising event, a secretly taped video highlighted Mr. Romney’s views about taxes, entitlements and redistribution of income. He stated that 47% of the Americans who do not pay federal income taxes and do receive entitlements would vote for President Obama because of their dependency on government. This remark seems to imply that there is a massive transfer of income from taxpayers to non-taxpayers and entitlement receivers in Obama presidency. However, we find that even before Obama’s presidency, despite growth in entitlements which represent redistribution of income, income inequality has increased over a period of time.
Lawmakers Spar On Medicare Advantage Plans
Medpage Today: Congress Spars Over Medicare Advantage Plans Democrats and Republicans traded jabs this week on health reform’s impact on Medicare Advantage plans, with one side praising the law’s effects and the other predicting it will hurt the program. Republicans in the House of Representatives held a hearing Friday on Medicare Advantage plans and took the opportunity to bash cuts in the plan under the Affordable Care Act (ACA) saying it will negatively impact enrollment and benefits for seniors enrolled in the plan. Ways and Means Health Subcommittee Chair Wally Herger (R-Calif.) said in his opening statement that the ACA’s $300 billion in cuts over the next decade will lead to higher cost sharing (Pittman, 9/21).
IRS provides answers on the new 0.9% Medicare tax
Likewise, if former employees receive group-term life insurance in excess of $50,000, and the resulting income exceeds $200,000, you still don’t have to collect the additional tax from employees. You follow your normal procedure—report the income as wages on your 941 form and make a current period adjustment to reflect the uncollected taxes.
FACT CHECK: Obama Misleads on Medicare, Taxes, and Regulations
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What Employers Need To Know About The New Additional Medicare Tax On High Earners : Hunton Employment & Labor Law Perspectives
The Administrative Task Force plays a critical role in keeping our OSHA practice current and vibrant. We follow developments daily and we work together to analyze the impact that proposed and actual changes will have on the law in general and specifically on our client’s industries. Employers today face an unprecedented range of workplace safety and OSHA legal issues as government increases worker safety and health regulation and demands meticulous reviews by its OSHA inspection force.
Mitt Romney’s shocking comments
Some frightening facts: When President Obama took office, our national debt totaled $10.6 trillion. And in the 3 ½ years since then, the national debt has passed $16 trillion and continues to rise. So who is lending us this enormous amount of money? According to a Wall Street Journal opinion piece, foreign Treasury bond purchases since 2009 have fallen almost 70%—countries like China and Japan are no longer willing to fund our government excesses. And in the same timeframe, private sector Treasury bond purchases (those made by U.S. banks, mutual funds, corporations, and individuals) have dropped by 85%. In truth, most lenders and foreign nations think that buying our debt is much riskier today, and many ratings firms agree. S&P downgraded U.S. debt in August 2011; Egan-Jones downgraded U.S. debt in April 2012 and again in September 2012; and Moody’s has threatened a downgrade in 2013 if the U.S. debt continues to rise.
Will Tax Increases on Dividends be a Non
If tax rates rise as scheduled, taxpayers in the top marginal income tax bracket could see the tax on their qualified dividend payments rise from 15% in 2012 to 39.6%. Factoring in of the scheduled Medicare tax on net investment income of 3.8%, and the personal exemption phaseout and limitation on itemized deductions, the total tax on dividends could reach 43.4% in 2013.