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Unemployment Tax Just Went Up???

Discussion in 'Politics, Elections & Legislation' started by Clayshooter08, Dec 3, 2012.

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  1. Clayshooter08

    Clayshooter08 Member

    Nov 26, 2008
    Asheville, NC.
    My son's company just notified him that unemployment tax is going from 1.5% to 7% starting 1 Jan.....he's going to get his money!!! Obama....hurry up four years, hope we can survive it!!
  2. crusha

    crusha TS Member

    Jan 29, 1998
    You mean the unemployment insurance premium they pay their state?
  3. wayneo

    wayneo Active Member

    Jan 29, 1998
    He better get a new accountant. Fed unemployment tax is going to 0.07 as of Jan 1 2013.

  4. Rick Barker

    Rick Barker Well-Known Member

    May 25, 2009
    The unemployment tax rates paid to the States vary State by State.

    The rates also vary depending on the employers turn over in personel.

    You have a big turnover, you pay more, less you pay less.

    If the link i posted works, it will take you to the rates paid by employers in Ohio.
  5. Jerbear

    Jerbear TS Member

    Jan 29, 1998
    IRS aims to clarify investment income tax under healthcare law

    (Reuters) - The Internal Revenue Service has released new rules for investment income taxes on capital gains and dividends earned by high-income individuals that passed Congress as part of the 2010 healthcare reform law.

    The 3.8 percent surtax on investment income, meant to help pay for healthcare, goes into effect in 2013. It is the first surtax to be applied to capital gains and dividend income.

    The tax affects only individuals with more than $200,000 in modified adjusted gross income (MAGI), and married couples filing jointly with more than $250,000 of MAGI.

    The tax applies to a broad range of investment securities ranging from stocks and bonds to commodity securities and specialized derivatives.

    The 159 pages of rules spell out when the tax applies to trusts and annuities, as well as to individual securities traders.

    Released late on Friday, the new regulations include a 0.9 percent healthcare tax on wages for high-income individuals.

    Both sets of rules will be published on Wednesday in the Federal Register.

    The proposed rules are effective starting January 1. Before making the rules final, the IRS will take public comments and hold hearings in April.

    Together, the two taxes are estimated to raise $317.7 billion over 10 years, according to a Joint Committee on Taxation analysis released in June.

    To illustrate when the tax applies, the IRS offered an example of a taxpayer filing as a single individual who makes $180,000 in wage income plus $90,000 from investment income. The individual's modified adjusted gross income is $270,000.

    The 3.8 percent tax applies to the $70,000, and the individual would pay $2,660 in surtaxes, the IRS said.

    The IRS plans to release a new form for taxpayers to fill out for this tax when filing 2013 returns.

    The new rules leave some questions unanswered, tax experts said. It was unclear how rental income will be treated under the new rules, said Michael Grace, managing director at Milbank, Tweed, Hadley & McCloy LLP law firm in Washington.

    "The proposed regulations surely will increase tax compliance burdens for individuals," said Grace, a former IRS official. "There's clearly some drafting left to be done."


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