Taxes

How Supplemental Medicare Taxes Affect Property Sellers

Dannette Saltzgaber August 22, 2021

I used four earlier columns to offer with the essentials of the Medicare surtaxes that the IRS exacts from people today with earlier mentioned-typical incomes.

They’re flat taxes of 3.8 percent on specified forms of investment cash flow and .9 % on attained profits. Both have been released in 2013 by the Reasonably priced Treatment Act, laws greater regarded as Obamacare. They help shell out for wellness care reform.

I’m applying this column to concentration how the 3.8 % surcharge has an effect on the steadily-increasing selection of house sellers whose income exceed Interior Revenue Code Area 121’s exclusions from

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2020 Payroll Taxes Will Hit Higher Incomes

Dannette Saltzgaber August 14, 2021

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Update: Some Payroll Taxes Suspended Due to COVID-19

Section 2302 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted in March 2020 and implemented through IRS Notice 2020-22 and a series of
IRS FAQs, allows eligible employers to defer the deposit and payment of the
employer’s share of Social Security FICA taxes for the period beginning March 27, 2020 through Dec. 31, 2020. The deferred payments must subsequently be paid to the Treasury Department, with half due by Dec. 31, 2021, and the other half by

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2021 Wage Cap Rises for Social Security Payroll Taxes

Dannette Saltzgaber July 24, 2021

Starting Jan. 1, 2021, the maximum earnings subject to the Social Security payroll tax will increase by $5,100 to
$142,800—up from the $137,700 maximum for 2020,
the Social Security Administration (SSA) announced Oct. 13. The
SSA also posted a fact sheet summarizing the 2021 changes.

The taxable wage cap is subject to an automatic cost-of-living adjustment (COLA) each year based on increases in the national average wage index, calculated annually by the SSA.

Payroll Taxes: Cap on Maximum Earnings
Type of Payroll Tax	2021 Maximum Earnings	2020 Maximum Earnings
Social Security	$142,800	$137,700
Medicare	No limit	No limit

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