IRS has Issued Proposed Regulations on Additional Medicare Tax

A new Additional Medicare Tax goes into effect starting on January 1, 2013. The 0.9% surtax 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 joint filers, $125,000 for married separate filers, and $200,000 for all other taxpayers.

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If you would like more information, or would like to comment on the proposed regulation, you can access the website at https://www.federalregister.gov/articles/2012/12/05/2012-29237/rules-relating-to-additional-medicare-tax

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