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 […]