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- Title
Do Your Tax Strategies Accommodate the Affordable Care Act?
- Authors
Gardner, Randy; Welch, Julie; Daff, Leslie
- Abstract
The article looks at strategies that can be used to avoid a Medicare surtax that will be imposed by the U.S. Patient Protection and Affordable Care Act of 2010 and also looks at ways to claim a related tax credit that might be overlooked. The higher Medicare tax on wages and self-employment income and a 3.8 percent tax on investment income which will begin in 2013 and are directed at high-income earners are discussed. Employers are responsible for collecting the Medicare surtaxes and remitting them to the Internal Revenue Service.
- Subjects
UNITED States; MEDICARE; TAX planning; PATIENT Protection &; Affordable Care Act; INVESTMENT income; TAXATION of freelance work; WAGE taxation; TAXATION
- Publication
Journal of Financial Planning, 2012, Vol 25, Issue 10, p32
- ISSN
1040-3981
- Publication type
Article