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 ?
This administrative lawsuit was related to goods imported by Telko in 2013 and 2014, of which Customs imposed a surtax of EUR1.7m.
"As the CBT surtax expires over the next couple of years, recurring revenue growth will continue to be restricted."
The transit system sales surtax revenue bonds are backed by a first lien on revenues from a one-half-cent sales surtax levied countywide, net of an administrative fee and a 20% allocation to certain cities within the county pursuant to interlocal agreements and a population-based distribution formula.
Henry's legislation stipulates the majority of the board must consist of property owners subject to the surtax.
Both bills would eliminate 0.9% Medicare surtax for tax years beginning after Dec.
The agency expressed confidence the public would support a national surtax, noting how it has accepted local government units' imposition of the real property tax (RPT).
Thus, insurance companies will apparently be called on in two ways to contribute to paying off the JUA deficit--once by way of the 5 percent surtax on private passenger auto premiums (for 1990, 1991 and 1992, for an estimated total of $1.4 billion), and second by way of assessments imposed by the NJPLGA for seven years (1990 through 1997.
Although distributions from retirement accounts are not subject to the Medicare surtax, they can affect your investment income and potentially push you into surtax territory.
It is reduced by contributions for government social insurance, which is increased by the ACA Medicare surtax on incomes over $200,000 (individuals)/ $250,000 (married).
The 3.8% surtax also applies to estates and trusts, but the threshold is the dollar amount at which the highest tax bracket for estates and trusts begins for the tax year.
This article examines how to determine the new surtax on net investment income that, like alternative minimum taxable income, effectively creates another tax base in addition to taxable income.
For financial professionals, one of the most important aspects of the Affordable Care Act legislation, otherwise known as Obamacare, is the addition of the 3.8 percent Medicare surtax. This 3.8 percent will be levied on singles with either unearned income (or investment income) over $200,000 or MAGI (modified adjusted gross income) over $200,000, whichever is less.