More Hidden Taxes Funding ObamaCare - My9 New Jersey

More Hidden Taxes Funding ObamaCare

Posted: Updated:
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%.  "Earned income is compensation from participation in a business, including wages, salary, tips, commissions and bonuses," Studnick explained.  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. "The simple definition of unearned income is income derived from sources other than employment such as interest and dividends from investments, or income from rental property," Studnick said.  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.

“That way there’s no surprises when you go to file your tax return and now you have an extra 3.8 or 0.9% tax to pay,” Studnick says.

A CPA can help you build tax strategies to prepare for these new taxes you may face.

Watch Chasing New Jersey weeknights at 10pm on My9 and don’t forget to like us on Facebook!



  • Chasing New JerseyMore>>

  • Hoboken Cracking Down On Uber Car Services

    Hoboken Cracking Down On Uber Car Services

    Friday, August 29 2014 1:11 PM EDT2014-08-29 17:11:05 GMT
    The town of Hoboken, New Jersey is cracking down on Uber cars driving in and picking up passengers in the city. Uber is an app that you can use to request a car service to pick you up, but city officials say they are not licensed to operate in town. Marcus Enriquez was actually thrown out of an Uber car by a Hoboken police officer. He said he was on his way to work outside of the Hoboken taxi stand when a cop knocked on the window, kicked him out of the car and ticketed the Uber driver.
    The town of Hoboken, New Jersey is cracking down on Uber cars driving in and picking up passengers in the city. Uber is an app that you can use to request a car service to pick you up, but city officials say they are not licensed to operate in town. Marcus Enriquez was actually thrown out of an Uber car by a Hoboken police officer. He said he was on his way to work outside of the Hoboken taxi stand when a cop knocked on the window, kicked him out of the car and ticketed the Uber driver.
  • Backlash Over 9-Year-Old Uzi Accident That Killed A Shooting Instructor

    Backlash Over 9-Year-Old Uzi Accident That Killed A Shooting Instructor

    Friday, August 29 2014 10:34 AM EDT2014-08-29 14:34:27 GMT
    The tragic accident of a 9-year-old New Jersey Girl who shot and killed a Las Vegas shooting instructor while shooting a fully automatic Uzi has gained national attention. The young girl was learning to shoot when the gun recoiled hitting the instructor in the head and killing him. This story has once again opened the debate about appropriate use of guns among children.
    The tragic accident of a 9-year-old New Jersey Girl who shot and killed a Las Vegas shooting instructor while shooting a fully automatic Uzi has gained national attention. The young girl was learning to shoot when the gun recoiled hitting the instructor in the head and killing him. This story has once again opened the debate about appropriate use of guns among children.
  • Town Passes Recording Ordinance After Cop Caught Dissing Obama

    Town Passes Recording Ordinance After Cop Caught Dissing Obama

    Friday, August 29 2014 10:33 AM EDT2014-08-29 14:33:59 GMT
    Steven Wronko is a Helmetta, New Jersey resident who recently taped local police officer, Richard Recine, saying that he doesn't have to follow the U.S. Constitution because President Obama doesn't. “Obama has decimated the friggen Constitution so I don't give a damn, cause if he doesn't have to follow the Constitution, we don't have to,” Recine is heard saying on tape.
    Steven Wronko is a Helmetta, New Jersey resident who recently taped local police officer, Richard Recine, saying that he doesn't have to follow the U.S. Constitution because President Obama doesn't. “Obama has decimated the friggen Constitution so I don't give a damn, cause if he doesn't have to follow the Constitution, we don't have to,” Recine is heard saying on tape.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices