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>>

  • Israeli/Palestine Conflict Hits Close To Home

    Israeli/Palestine Conflict Hits Close To Home

    Tuesday, July 29 2014 11:56 AM EDT2014-07-29 15:56:23 GMT
    For many, the conflict between Israel and Palestine hits close to home. Yesterday a rally took place outside of the United Nations building in New York City and people from both sides were on hand to voice their concerns about the ongoing airstrikes. New Jersey’s Rabbi Gross discussed the fact that many of his former students, after graduation, decided to join the Israeli Defense Force and are now immersed in the fighting.
    For many, the conflict between Israel and Palestine hits close to home. Yesterday a rally took place outside of the United Nations building in New York City and people from both sides were on hand to voice their concerns about the ongoing airstrikes. New Jersey’s Rabbi Gross discussed the fact that many of his former students, after graduation, decided to join the Israeli Defense Force and are now immersed in the fighting.
  • Suburban Warfare Takes On New Jersey

    Suburban Warfare Takes On New Jersey

    Tuesday, July 29 2014 11:54 AM EDT2014-07-29 15:54:57 GMT
    The Bergen County Sheriff's Department is proposing to militarize their police force! This involves them wanting an MRAP, which is a Mine-Resistant Ambush Protected Vehicle. This vehicle is actually used by the military in Iraq and Afghanistan. According to the military this isn't unheard of. Recently, the US government has given these vehicles away to law enforcement departments all over the country.
    The Bergen County Sheriff's Department is proposing to militarize their police force! This involves them wanting an MRAP, which is a Mine-Resistant Ambush Protected Vehicle. This vehicle is actually used by the military in Iraq and Afghanistan. According to the military this isn't unheard of. Recently, the US government has given these vehicles away to law enforcement departments all over the country.
  • College Athlete Unexpectedly Got Slammed With Medical Bills

    College Athlete Unexpectedly Got Slammed With Medical Bills

    Tuesday, July 29 2014 11:49 AM EDT2014-07-29 15:49:13 GMT
    Bergen County Community College athlete, Brittany Meyer, received an injury on the court while playing for the women's basketball team. What she didn't realize was that this injury left her with a $100,000 medical bill in her name!As Meyer was going up for a routine lay-up she fell down the wrong way, which caused her to tear her ACL.
    Bergen County Community College athlete, Brittany Meyer, received an injury on the court while playing for the women's basketball team. What she didn't realize was that this injury left her with a $100,000 medical bill in her name!As Meyer was going up for a routine lay-up she fell down the wrong way, which caused her to tear her ACL.
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