Читать книгу 2012 Estate Planning - Martin Inc. Shenkman - Страница 51

Starting in 2013, a 0.9 percent Medicare tax will be imposed on wages and self-employment income over $200,000 for single taxpayers and $250,000 for married couples. Also, in 2013, a 3.8 percent Medicare tax will apply to a taxpayer’s net investment income if adjusted gross income (AGI) exceeds $200,000 for a single taxpayer (or $250,000 for a joint filer).

Generally, wages are subject to a 2.9 percent Medicare payroll tax. Workers and employers each pay half, or 1.45 percent. If you are self-employed, you pay the entire tax but receive an income tax write-off for half. This Medicare tax is assessed on all earnings or wages without a cap (that is, regardless of how great the wages). These taxes fund the Medicare hospital insurance trust fund that pays hospital bills for those 65+ or disabled. Starting in 2013, a 0.9 percent Medicare tax will be imposed on wages and self-employment income over $200,000 for singles and $250,000 for married couples. That makes the individual’s marginal Medicare tax rate 2.35 percent (or 3.8 percent if self-employed).

Under current law, only wages and earnings are subject to the Medicare tax but, starting in 2013, the 3.8 percent Medicare tax will apply to net investment income if the taxpayer’s adjusted gross income (AGI) is over $200,000 single ($250,000 joint) threshold amounts.

The impact of much higher marginal rates will be significant. The income tax benefit of charitable deductions, to the extent one remains, will be reduced. The calculus of when to purchase tax exempt versus taxable bonds could be affected. Perhaps taxpayers who have become overly concentrated in municipal bonds should begin the weaning process now.

PLANNING NOTE: If the Medicare tax on passive income applies to a complex trust that accumulates earnings, but would not apply to the beneficiaries if the trustee made current distributions of trust income because of the number of beneficiaries and their lower brackets, how will this affect trustees’ decisions to make distributions under the new rules?