Effective January 1, 2013, two new federal taxes were imposed. These taxes are:
-A federal 3.8% sales tax which is intended to generate revenue to help fund the new Healthcare Reform and Medicare overhaul plans. It may impose a 3.8% tax on some income from interest, dividends, rents and capital gains. The tax will be applicable to individuals with an adjusted gross income above $200,000 and to couples filing a joint return wiith more than $250,000 adjusted gross income.
-A Medicare funding additional or alternative tax on earned income at a rate of 0.9%. This will be imposed on adjusted gross income thresholds of $200,000 for an individual and $250,000 on a joint return.
Please visit www.Realtor.org/healthreform to learn more about these new taxes.