Implementing the Affordable Care Act: Countdown to 2014 - Tax Increases Under the Affordable Care Act.

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Under the Affordable Care Act, a number of significant tax increases go into effect in 2013 and other tax provisions will be implemented during the next several years. Provisions starting in 2013 include:

Additional Medicare Tax. An additional 0.9 percent hospital insurance (HI) tax applies to wages received with respect to employment in excess of: $250,000 for joint returns; $125,000 for married taxpayers filing a separate return; and $200,000 in all other cases. The additional 0.9 percent HI tax also applies to self-employment income for the tax year in excess of the above figures. The increased tax is imposed only on the worker; the employer does not pay the additional 0.9 percent, but may have to withhold it.

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Topics:  Additional Medicare Tax, Affordable Care Act, Deductions, Flexible Spending Accounts, Net Investment Income

Published In: Health Updates, Insurance Updates, Labor & Employment Updates, Tax Updates

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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