[firm] blog logo

IRS Publishes Final Regulations on Additional Medicare Tax

The Internal Revenue Service (the ?Ç£IRS?Ç¥) published final regulations which provide guidance for employers and individuals relating to the implementation of the 0.9% Additional Hospital Insurance Tax on income above certain prescribed threshold amounts (the ?Ç£Additional Medicare Tax?Ç¥). The 0.9% Additional Medicare Tax was added by the Patient Protection and Affordable Care Act and generally applies to wages exceeding $250,000 for married taxpayers filing a joint return, $125,000 for married taxpayers filing separate returns, and $200,000 for all other taxpayers. The regulations address the requirement that employers withhold the Additional Medicare Tax and file a return reporting this tax. The regulations also address the employer process for adjusting underpayments and overpayments of the Additional Medicare Tax and the employer and individual processes for filing a claim for a tax refund. The regulations are effective for quarters beginning on or after November 29, 2013. However, since the withholding rules have been… Continue Reading

December 2013
S M T W T F S
1234567
891011121314
15161718192021
22232425262728
293031  

Archives