GSS Insight-July 2012
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High-Wage Individuals Face New Medicare Payroll Tax in 2013
The new Medicare contribution tax was created by healthcare reform legislation passed in 2010. The constitutionality of that legislation was upheld by the U.S. Supreme Court in a decision made on June 28, 2012. This video was made prior to the decision, but does explain what this tax means to you. Beginning in 2013, high income individuals may be subject to a new 3.8% Medicare contribution tax on some or all of their unearned income. The new tax is assessed on the unearned income of single individuals with modified adjusted gross income exceeding $200,000. For married individuals filing....
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