Legislative Brief - Q&As on Additional Medicare Tax

the Current: Legislative Brief Series

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MacCorkle Insurance Service is pleased to provide you with this update - we hope you find the presented topic both interesting and informative. Please look for future editions providing the HR professional with compliance and legislative briefs throughout the year.

Questions and Answers on Additional Medicare Tax

The Affordable Care Act (ACA) increases the Medicare hospital insurance tax rate for high-income individuals beginning in 2013. The Internal Revenue Service (IRS) issued answers to frequently asked questions (FAQs) regarding the Additional Medicare Tax. The Additional Medicare Tax applies to individuals' wages, other compensation and self-employment income over certain thresholds. Employers are responsible for withholding the tax on wages and other compensation in certain circumstances.

In addition, on Nov. 30, 2012, the IRS issued proposed regulations on the Additional Medicare Tax. Taxpayers may rely on the proposed regulations until final regulations are effective.

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