More Hidden Taxes Funding ObamaCare
Oakridge, New Jersey (My9NJ) -There have been many taxes put in place to help fund Obamacare that are rarely discussed in the media.
Michael Studnick, a certified public accountant with Studnick & Associates in Oakridge, New Jersey explained some of the new taxes placed on earned and unearned income.
The new earned income tax to help fund Obamacare is 0.9%. This tax will be placed on any income earned over $200K for those who are single and any income earned over $250K for those who are married and filing jointly.
The new unearned income tax is more complicated. Your modified adjusted income over $200K if you’re single and over $250K if you’re married and filing jointly, will be compared to your unearned income. The lesser of the two will be taxed at 3.8%.
Studnick says it’s important to understand these taxes and how they work.
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