medicare tax

New Medicare Tax on High Earners

The Patient Protection and Affordable Care Act, popularly known as ObamaCare, began its implementation of a new Medicare surtax on high earners on January 1, 2013. The tax will be assessed for individuals and married taxpayers who have modified adjusted gross income in excess of $200,000 and $250,000 respectively. Employers will withhold an additional amount from wages for those earning more than $200,000 from any one employer. This amount, unlike most Social Security and Medicare Tax, is not required to be matched by the employer. As we review the new regulations pertaining to the tax, we note that families with [...]

July 31st, 2013|Business Tax, Personal Tax|Comments Off on New Medicare Tax on High Earners

2nd Quarter 2013 Update – Payroll

The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable. Payroll Taxes Additional Medicare tax may warrant withholding or estimated tax adjustments.  Individuals with high earned income from wages or self-employment should consider whether they need to adjust their withholding allowances and/or estimated tax to take into [...]

July 30th, 2013|Business Tax, Personal Tax|Comments Off on 2nd Quarter 2013 Update – Payroll
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