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Additional Medicare Tax

12/28/2012

1 Comment

 
A new Additional Medicare Tax goes into effect starting in 2013. The 0.9 percent Additional Medicare Tax applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing status.

The threshold amounts are:

  • $250,000 for married taxpayers who file jointly,
  • $125,000 for married taxpayers who file separately, and
  • $200,000 for all other taxpayers.
An employer is responsible for withholding the Additional Medicare Tax from wages or compensation it pays to an employee in excess of $200,000 in a calendar year.

1 Comment
Tax Services Plantation link
10/3/2013 10:59:28 pm

Thanks for providing details about medicare tax.

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    Ivan Alvarez, CPA

    Ivan is a certified public accountant and sole practitioner in the North Texas area. Ivan draws on his expertise from a variety of positions including as an external auditor with a large national firm and from his personal experiences helping small businesses lower their taxes, improve their profits, and manage their cash flow.

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    Evie Alvarez, EA

    Evie is an enrolled agent and tax practitioner with a passion for individual taxation. 

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