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| Name | IRS Form 8959 Walkthrough for Additional Medicare Taxes |
| Video Uploader | Video From Jason D. Knott |
| Upload Date | This Video Uploaded At 12-02-2024 15:52:20 |
| Video Discription | IRS Form 8959 is used to calculate the amount of additional medicare taxes imposed on compensation. For a single filing taxpayer, the individual will owe an additional 0.9% medicare tax on all compensation exceeding $200,000 for the 2023 tax year. In this example, we have a taxpayer who has two separate jobs during the year with compensation exceeding $200,000. The taxpayer needs to calculate the additional medicare taxes, and he must also account for the excess Social Security taxes withheld on his wages. For more Form 1040 tutorials: https://www.youtube.com/playlist?list=PLTdpzKOWNutSDQij_KBEgdm6Hh0GE4uqY For a larger database of tutorials, please visit our website and search for your question: https://knottlearning.com/ DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials. #Form8959 #Medicare #Form1040 00PFNs5zJbM |
| Category | Education |
| Tags | additional medicare tax | irs form 1040 | irs form 8959 | form 8959 | how to calculate additional medicare tax | irs form w2 | form w2 explained | form w2 wage and tax statement | social security tax | social security taxwithheld | medicare tax withheld | medicare tax rate | medicare tax | what is medicare surtax | irs form 8959 instructions | 1040 schedule 3 | 1040 schedule 2 | 1040 schedule 1 | personal finance | personal finance 101 | how do federal income taxes work |
