Health Care Reform Update - What employers should be doing now.

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Although many of the provisions of the Patient Protection and Affordable Care Act (PPACA) were already in effect, the pace of change has quickened since the Supreme Court upheld the law in June of 2012. The law is composed of a series of provisions that have different effective dates. Here are some of the important provisions that employers should be focusing on now.

Medicare Tax Increase. In 2013, an additional 0.9 percent Medicare Hospital Insurance tax applies to an employee’s wages in excess of a certain threshold ($250,000 for married taxpayers filing jointly, $125,000 if filing separately, and $200,000 for all other taxpayers). The additional tax applies only to employees, but employers are required to withhold the additional tax to the extent the individual’s wages exceed $200,000. Because the tax and the withholding rules are not synchronized, individuals may be entitled to a refund or be required to pay additional taxes when they file their tax returns.

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Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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