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 [...]