Individuals are subject to an Additional Medicare
Tax on Earned Wages plus Self-Employment equal to 0.9% when
wages exceed stated threshold amounts.
Married filing Jointly
Married filing Separate
Single, Head of Household, Qualifying Widow(er)
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.
Capital Gain Rates have increased for the
highest tax bracket [39.6%] from 15% to 20% starting in
2013 and continuing forward.
Medical Expense deductions must meet the new level
of 10% of AGI before these expenses can be deducted.
This does not apply to any taxpayer who is 65 or older as
of the end of the tax year.
The simplified method of claiming an Office in the
Home is now available.
Beginning in 2014, all non-exempt US citizens and
all legal residents are required to maintain minimum
essential health insurance coverage or pay a penalty tax on
the individual tax return. [this requirement as been eliminated starting with the 2018 tax year]
- The Maximum Penalty for not having the minimum essential amount of Health Insurance is:
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