So you'd end up paying 1.45% on the first $200,000 and 2.35% on the rest. The 0.9% Medicare surtax is a recent change and is intended to help pay for health reform. Investment income taxes: Capital gains, dividends and interest represent unearned income..
The tuition and fees deduction sounds good on the surface; it offers up to a $4,000 deduction. This option is open even if you donât itemize deductions. But since the deduction is for the taxpayer, not the student, it may not be the most beneficial for taxpayers with more than one student in the family.
Deduction u/s. 80C for tuition / school fees paid for education of children. Who is Eligible: Deduction for tuition fees u/s. 80C of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF.Maximum Child: Deduction under this section is available for tuition fees paid on two childrenâs education.If Assessee have more then two children then he can claim tuition fees paid of only two childrenâs.0C of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two childrenâs education.