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>>

  • Port Authority’s $90 Million Improvement Plan

    Port Authority’s $90 Million Improvement Plan

    Thursday, July 24 2014 10:34 AM EDT2014-07-24 14:34:14 GMT
    At the latest Port Authority board meeting, Executive Director Patrick Foye announced that there are new plans to spend $90 million to improve the bus terminal. The much needed renovations will start by cleaning the bathroom lavatories and improving cellphone and Wi-Fi service throughout the terminal. Recently, commuters have been extremely boisterous about their discontent with Port Authority’s conditions including bus service in and out of the station. 
    At the latest Port Authority board meeting, Executive Director Patrick Foye announced that there are new plans to spend $90 million to improve the bus terminal. The much needed renovations will start by cleaning the bathroom lavatories and improving cellphone and Wi-Fi service throughout the terminal. Recently, commuters have been extremely boisterous about their discontent with Port Authority’s conditions including bus service in and out of the station. 
  • Christie Campaigning For Some Republicans, But Not All

    Christie Campaigning For Some Republicans, But Not All

    Thursday, July 24 2014 10:21 AM EDT2014-07-24 14:21:09 GMT
    On Monday Governor Christie was working on behalf of the Republican Governor’s Association promoting a GOP primary candidate for the gubernatorial race in Connecticut where he was asked if he will also be campaigning for Rob Astorino who will be the Republican candidate running for Governor of New York against current Governor Andrew Cuomo.
    On Monday Governor Christie was working on behalf of the Republican Governor’s Association promoting a GOP primary candidate for the gubernatorial race in Connecticut where he was asked if he will also be campaigning for Rob Astorino who will be the Republican candidate running for Governor of New York against current Governor Andrew Cuomo.
  • StubHub Security Breach

    StubHub Security Breach

    Thursday, July 24 2014 10:20 AM EDT2014-07-24 14:20:32 GMT
    StubHub, which is a website that provides services for buyers and sellers for tickets to sporting events, concerts, and other live entertainment events, has been hacked. StubHub is getting a lot of bad press, but the site is really the victim here. The hackers have hacked accounts from other sites, and then used that information to get into the StubHub accounts.
    StubHub, which is a website that provides services for buyers and sellers for tickets to sporting events, concerts, and other live entertainment events, has been hacked. StubHub is getting a lot of bad press, but the site is really the victim here. The hackers have hacked accounts from other sites, and then used that information to get into the StubHub accounts.
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 | Terms of Service | Ad Choices