August 6, 2012

In this issue, we address tax increases that will begin January 1, 2013 as a result of the widely publicized Supreme Court decision on June 28, 2012 upholding the constitutionality of the Patient Protection and Affordable Care Act (Health Care Act). A large component of funding the Health Care Act comes from increased payroll related taxes on higher income individuals. The Health Care Act includes a new 0.9 percent payroll tax on wages in excess of $250,000 for individuals married filing jointly, $125,000 for individuals married filing separately, and $200,000 for all other individuals.

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