Examples of how the 3.8% Health Care Tax may impact you
In order to fund the President Obama’s Health Care & Medicare overhaul plan, congress passed a bill to enact two separate taxes that will raise the necessary funds need for the president’s plan.
The first is a 0.9% tax that will be applied towards high wage and self-employment income. I currently do not have enough information on this tax that would allow me to go into further detail on who it will effect and how. However, I do intend on addressing this tax in the future.
The second is a 3.8% tax that will be applied to some investment income received. The types of income that may be taxed are; interest income, capital gains, dividends, and rental income after expenses. As addressed in one of my previous posts; the tax will be applied to individuals with an adjusted gross income over $200,000, and to couples filing jointly over $250,000.
In order to better understand how this tax will be applied, the National Association of Realtors (NAR) has put together some examples of different scenarios. To view these examples, please follow the link below:
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Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my website: www.SellingHomesinReno.com
Joshua Talayka
NAR designated: Short Sale & Foreclosure Resource
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521
Legal disclaimer : I am not an attorney or tax professional. The information contained in this article/blog is intended to provide general information on the subject and not to provide any legal or tax advice. You should not act upon this or any information without first seeking independent tax and/or legal counsel.
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