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)

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Charles (Chuck) Rubin
Gutter Chaves Josepher Rubin Forman Fleisher P.A.

A tax and business attorney who assists clients in preserving & enhancing individual, family &... View Profile »


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