Medicare Taxes Increasing In 2013

 2013 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.