Wheel Of Pain

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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.

13 Federal Social Welfare Taxes (2013)

Topics:  3.8% Medicare Tax, Payroll Taxes

Published In: Labor & Employment Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Charles (Chuck) Rubin, Gutter Chaves Josepher Rubin Forman Fleisher P.A. | Attorney Advertising

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