New withholding obligation for employers
April 3, 2013
The Medicare tax on earned income increases this year for individuals earning more than $200,000 and married couples earning more than $250,000. The tax on earnings above these thresholds will increase from 1.45% to 2.35%. This tax increase… will also apply to self-employment income exceeding the threshold amounts. Employers are required to withhold the additional tax from wages exceeding $200,000…,...