Heads Up! Beginning in January of 2013 the Medicare tax rate will increase from 1.45% to 2.35% on wages earned over $200,000. The IRS is planning on adding a new line to the 2013 Form 941 form (Employer’s Quarterly Federal Tax Return) for the employee portion of the increased Medicare tax rate.
More details to follow once more info is released.
Watch for further information on the Medicare tax increase as it becomes available.
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