Expert advice and news to keep your finances in check.

New Tax Bracket for 2013 for High Income Taxpayers

Starting tax year 2013 there is a new tax bracket of 39.6% for single taxpayers with $400,000 of adjusted gross income, head of household taxpayers with $425,000 of adjusted gross income, and married filing joint taxpayers with $450,000 of adjusted gross income. Additionally the capital gains tax rate for individual falling in this bracket has been increased to 20% and these taxpayers may be subject to an additional medicare tax on investment income of 3.8%.