By Barrett Phillips
A new 3.8 percent surtax takes effect this year.
Certified Public Accountant, Kevin Sickels says singles with an income over $200,000 and married couples who make over $250,000 will be charged the surtax. There is also a .9 percent tax that affects W–2 or self-employed individuals.
These taxes won't stop at your income.
"So, that would be your interest, dividends, capital gains, passive ownerships, rental houses, royalties, those types of investments; once your income gets above a certain level," said Sickels.
If you are interested in finding ways to reduce or alleviate those taxes see a CPA.