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Medicare Payroll Tax Will be Increasing for Some Wage Earners

September 28, 2012/in Tax Tips/by revel


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Some wage earners will be paying an extra .9% in Medicare tax to cover the Hospital Insurance tax

Effective January 1, 2013, high-income wage earners will be required to pay a higher Medicare tax rate on their compensation due to the 2010 Health Care Bill. The Medicare tax rate is currently 1.45% and will increase to 2.35% for those who earn more than $200,000; $250,000; and $125,000 for single filers, filing jointly, and married filing separately respectively. The additional .9% is to cover the Hospital Insurance tax.

This new withholding will need to be reported on the 2013 W-2 in box 6. If you have questions, contact Lori Johnson, H&S Payroll Specialist, today.

Lori Johnson
Payroll Specialist
231.798.6511
lorij@hscompanies.com

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https://www.hscompanies.com/wp-content/uploads/2017/11/HS-logo-edit.png 0 0 revel https://www.hscompanies.com/wp-content/uploads/2017/11/HS-logo-edit.png revel2012-09-28 08:00:032018-03-27 20:48:04Medicare Payroll Tax Will be Increasing for Some Wage Earners

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