It is important for high income tax earners to remember that they will be subject to a .9% Medicare surtax that begins this year. This tax “will apply to wages earners and those earning self-employment income.” The threshold for individuals is $200,000 and $250,000 for married couples that jointly file their tax returns. The tax was enacted as part of President Obama’s Health Care Law, and will be added to the “3.8% Medicare surtax on net investment income, which also begins this year.”
See Charles Rubin, Don’t Forget About That Other 0.9%, Rubin On Tax, Jan. 6, 2013.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
