Tax Developments
TAX DEVELOPMENTS
-
Individuals are subject to an Additional Medicare
Tax on Earned Wages plus Self-Employment equal to 0.9% when
wages exceed stated threshold amounts.
FILING STATUS
|
AMOUNTS
|
Married filing Jointly
|
$250,000
|
Married filing Separate
|
$125,000
|
Single, Head of Household, Qualifying Widow(er)
|
$200,000
|
-
Individuals are subject to a Net Investment Income
Tax equal to 3.8% of the lesser of Net Investment Income or
the excess of Modified Adjusted Gross Income when the same
threshold amounts (above) are exceeded.
- Same sex marriages are now recognized by the
Federal Government. A couple's marriage is
recognized as long as the marriage ceremony has taken place
in a state that recognizes such unions. It is NOT
required that the couple live in a state that recognizes
thier marriage in order to receive Federal Tax
benefits.