More Hidden Taxes Funding ObamaCare - My9 New Jersey

More Hidden Taxes Funding ObamaCare

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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.

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