Zaher Fallahi, Tax Attorney, CPA; Proposed regulations issued on Additional Medicare Tax
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.
For assistance with any tax matters or controversy, you may reach us at email@example.com or in Orange County call (714) 546-4272, and in Los Angeles call (424) 901-8529.