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New Medicare Tax

This paper gives some examples of how the new medicare tax is figured.


One more reason why I use a farm expert CPA to do my taxes.

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3 Replies
Veteran Advisor

Re: New Medicare Tax

I agree.  My accountant was doing some remodeling a year ago last summer, and this spring when I got mine figured out, we had 5-10 minutes of extra time on the appointment, and he said he had to show me something.  He pulled out a book, about the size of a pocket seed corn book, but somewhere between 1/2 and 3/4 of an inch thick.  He said they found it in the remodeling.  It was the Federal tax code, from I belive the late 1950s.  Not a quick reference, but the full tax code.

Then, he pulled out two books, about the size of an encyclopedia, and about as thick (close to 2 inches thick) and he said, 'This, is the CHANGES in the tax law, for this year.'  Not a reference for the full tax law, but rather just a supplement, to outline what had changed from one year to the next.

He then went on, and said, that in his opinion, is what is wrong with the US tax code right now.  Not so much that it is wrong in the general idea, but that it is wrong that they have it so overly complex, and ever-changing, so that nobody knows, even from one year to the next, what deductions are allowed, which ones aren't and all of what forms will be needed to be filed.

Honored Advisor

Re: New Medicare Tax

Indicative of two things:overcomplexity of federal rules and regs in general, and favoritism that is bought with campaign dollars.
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Esteemed Advisor

Re: New Medicare Tax

I'm guessing lots of folks wish they where Linda and Don ---

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