New Medicare tax law effective Jan. 1, 2013

A new Medicare Tax goes into effect starting in 2013. The 0.9 percent additional Medicare Tax applies to an individual’s wages that exceed 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. For further information, click on this link for Q&A from the IRS.

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