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Medicare Tax Computation on High Wage Earners The new legislation includes a provision that, effective for tax years beginning after 2012, increases the Medicare tax rate by 0.9% for taxpayers receiving wages with respect to employment in excess of $200,000 ($250,000 for married couples filing jointly, and $125,000 for married couples filing separately). The tax […]
http://www.irs.gov/newsroom/article/0,,id=221036,00.html New Form W-11, Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit, is now posted on IRS.gov, along with answers to frequently-asked questions about the payroll tax exemption and the related new hire retention credit. The new law requires that employers get a statement from each eligible new hire, certifying under penalties of perjury, […]
The IRS is issuing guidance as quickly possible on the many reporting issues created by the HIRE Act. A final version of Form 941 for 2Q should be released by the IRS next week April 6th. A new form W-11 will be released as well. This ‘Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit’ […]