Investment Updates
Who's Afraid Of The Big, Bad Medicare Surtaxes?
Published Thursday, September 6, 2012 at: 7:00 AM EDT
In the wake of the U.S. Supreme Court decision upholding the constitutionality of the health-care law supported by President Obama—officially the “Patient Protection and Affordable Care Act of 2010”—two new Medicare surtaxes went into effect in 2013.
Although these “add-on” taxes could affect your tax liability for years to come, few people seem to be paying much attention to their imminent arrival—and could miss out on the chance to minimize their impact. Here’s a quick review of the basic rules:
Beginning in 2013, a 0.9% Medicare tax will apply to the earned income of joint filers with income above $250,000 or $200,000 for single filers.
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