The dawn of 2013 brings forth interesting tidings. The Medicare surtax is an additional tax that will be hitting taxpayers who make (single) over $200,000 or (married) over $250,000 with a 0.9% penalty. So married couples, who expect their combined wages to exceed $250,000 may consider changing their W-4 forms to request that additional tax be withheld in 2013 or submit estimated payments.
For the employers the IRS plans on adding an additional line will be added to the 941. For the employees, the penalty will not be broken out on the W-2; this would cause you to question this purpose and validity.
But if not paid through the withholding process the assessment will be calculated for the 1040 tax liability; and there is as always the possibility of under payment penalties.
For more information or concerns for tax planning call the office to schedule an appointment.