Posts Tagged: Taxes

Additional Medicare and Investment Taxes

in Affordable Care Act

The Affordable Care Act imposes two additional types of taxes beginning in 2013. Friday afternoon the Internal Revenue Service pre-released the regulations governing the application of these additional taxes. The ACA imposes an additional tax for each taxable year equal to 3.8 percent of the lesser of (a) the individual’s net investment income for such taxable year, or (b) the excess (if any) of (i) the individual’s modified adjusted gross income for such taxable year, over (ii) the threshold amount. The threshold amount is: (1) in the case of a taxpayer making a joint return, $250,000; (2) in the case… Continue Reading