ElectroFile Income Tax Service   Income Tax Service   Terry Hough, President
Terry Hough

May 07, 2013 Newsletter

Additional Medicare Tax for Some Taxpayers

Beginning in 2013, the additional Medicare tax will apply to individuals with wage income, other compensation, and/or self-employment income that exceed the following threshold amounts:

The additional Medicare tax is calculated as 0.9% of the total of wages, other compensation, and self-employment income that is in excess of the taxpayer's threshold amount.

For self-employed taxpayers, the Medicare portion of their self-employment tax will be calculated as follows:

For those taxpayers that receive more than $200,000 in wages from their employer, the employer is required to withhold 0.9% of their wages over $200,000.

All other taxpayers that this new tax applies to can request an additional amount be withheld from their wages, or increase their estimated tax payments for Tax Year 2013 to ensure that they do not incur an underpayment penalty.

A taxpayer that is affected by the additional Medicare tax will calculate the additional tax on a new 2013 Federal form. The additional tax will be included in the Other Taxes section of Form 1040.

Other things to note about this tax:

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