“”Medicare Tax Increase: The Medicare tax is currently being withheld at the rate of 1.45% from all employees. However, beginning in 2013, an additional 0.9% will be added to the income in excess of the threshold; the threshold amount for 2013 is $200,000 for single filers and $250,000 for joint filers. As a result, the tax rate will be 1.45% for wages up to the threshold amount and 2.35% for wages above the threshold amount. For self-employed taxpayers, the tax rate will be 2.9% for income up to the threshold amount and 3.8% for income above the threshold amount.””
Medicare payroll tax deduction will definitely be an INCREASE over 2012 within the above guidelines and the self-employed will also get hit. As if that makes any sense with our unemployment rate!
Thank you obozo!
Yes, but the working poor will really thank Obozo when they feel their wallets that much lighter or go back into poverty.
Keep on Track, this thread is about the Democrats letting the tax rate increases hit the working poor (those with a taxable income under $17,400) and what it will mean to them.