U.S. wage earners are feeling the pain this week as they receive smaller paychecks due to the elimination of a 2% tax break on social welfare taxes under the recent tax act. A new 3.8% tax is also imposed on the investment income of higher-earners for Obamacare, as well as an extra 0.9% tax on earned income.
It is getting too difficult to remember the number and computations without a scorecard, so I have prepared one. Click on the image below or here
to open a larger PDF version
that is readable. Of course, these taxes are separate and apart from (that is, are in addition to) income taxes.