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.
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:
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Ivan Alvarez, CPAIvan 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. Evie Alvarez, EAEvie is an enrolled agent and tax practitioner with a passion for individual taxation. Archives
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