surtax


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surtax

1. a tax, usually highly progressive, levied on the amount by which a person's income exceeds a specific level
2. an additional tax on something that has already been taxed
References in periodicals archive ?
A version of the bill available on the House floor documents website showed that the bill would repeal the Medicare surtax starting in the 2018 tax year.
Unlike its local equivalent, the national surtax would be free from political intervention from local officials, which has stunted RPT collections in the past, it added.
The really interesting part of the surtax and the NJPLGA "loans" is that the insurance companies are prohibited from recouping these monies via increases in any policy premiums (Sections 75 and 78).
Tying up your funds: Tying up your funds into a mortgage may not fit your long-term financial plans, even though you might receive a higher return on your investment and potentially avoid a higher tax rate and the net investment income surtax.
If you're taking an IRA distribution beyond the required, you could effectively add to your ordinary income, which increases more of your surtax eligible investment income and could make you pay more taxes than you thought.
In the case of an individual, the surtax is (in addition to any other income tax) for each tax year 3.
8 percent surtax depends on where their assets are as much as how much assets they have.
8% Medicare surtax on investment income and the top rate of 20% on long-term capital gains and dividends.
The Community Preservation Act also allows communities adopting the program to remove the first $100,000 to $200,000 of assessed property valuation before computing the surtax.
The IRA distribution is not subject to the surtax but it could push other interest, dividends, and capital gains into the surtax.