Last Year for This Senior Benefit

Itemized State & Local Taxes, Medicare and Miscellaneous Deductions Beginning Jan. 1, 2013, you can claim deductions for medical expenses not covered by your health insurance that exceed 10 percent of your adjusted gross income. There is a temporary exemption from Jan. 1, 2013 to Dec. 31, 2016 for individuals age 65 and older and […]

Higher Wage Earners Penalty

Medicare Tax For Hospital Insurance Tax 0.9%   The employee’s share of the Federal Insurance Contributions Act (FICA) or medicare withholding from wages has increased from 1.45%to 2.35% on wages in excess of $250,000 for joint filers and $200,000 for married taxpayers filing separately. The extra tax is imposed on the combined salaries of the spouses […]