1) Increase in Ordinary Income Tax Rates The highest ordinary income tax rate is 35%. This is scheduled to go up to 39.6%
1) Increase in Ordinary Income Tax Rates The highest ordinary income tax rate is 35%. This is scheduled to go up to 39.6%
1) The Long-Term Capital Gains Rate is Going Up Long-term capital gains are for capital assets held longer than a year. Capital assets include stocks, bonds and mutual funds. Collectibles and certain Real Estate are subject to special rules. The…
Current Medicare Tax Currently taxpayers pay 1.45% Medicare Tax on their earned income. This is from a W-2 for employees and net-income from self-employed individuals. The employee pays this amount and the employer matches it, therefore they remit 2.9% to…
Recently in baseball, a Yankee fan caught Derek Jeter’s 3,000th hit ball and now he may have to pay the Internal Revenue Service (“IRS”) tax money on the few gifts the Yankees gave him. These items included tickets, signed bats,…