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  • 2023 Instructions For Form 8959. Instructions For Form 8959, Additional Medicare Tax

Get 2023 Instructions For Form 8959. Instructions For Form 8959, Additional Medicare Tax

2023Instructions for Form 8959Department of the Treasury Internal Revenue ServiceAdditional Medicare Tax Section references are to the Internal Revenue Code unless otherwise noted.are listed in the.

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Instructions for Form 8959 (2023) | Internal...
Purpose of Form. Use Form 8959 to figure the amount of Additional Medicare Tax you owe and...
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... Form 1040 instructions to determine if you are required to file a tax return. ... You...
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2023 Instructions for Form 8959
Aug 14, 2023 — Use Form 8959 to figure the amount of Additional. Medicare Tax you owe...
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If you qualify, you can deduct premiums for Medicare Part B and Part A if you're required to pay them, as well as Part D, Medicare Advantage and Medigap premiums, and eligible long-term care insurance premiums. You can claim this deduction as an adjustment to income on Schedule 1 when filing your Form 1040.

Once you complete Form 8959 and figure out the total Additional Medicare Tax you're responsible for, the final section of the form subtracts the tax you paid through paycheck withholding as shown on your W-2. The result shows if there is any Additional Medicare Tax due—which ultimately gets reported on your 1040 form.

A Medicare surtax of 3.8% is charged on the lesser of (1) net investment income or (2) the excess of modified adjusted gross income over a set threshold amount. The threshold is $250,000 for joint filers, $125,000 for married filing separately, and $200,000 for all other filers.

It is paid in addition to the standard Medicare tax. An employee will pay 1.45% standard Medicare tax, plus the 0.9% additional Medicare tax, for a total of 2.35% of their income. A person who is self-employed will pay 2.9% standard Medicare tax, and an additional Medicare tax of 0.9%, for a total of 3.8%.

Individuals will calculate Additional Medicare Tax liability on their individual income tax returns (Form 1040 or 1040-SR),using Form 8959, Additional Medicare Tax. Individuals will also report Additional Medicare Tax withheld by their employers on their individual income tax returns.

Employers are required to withhold the additional Medicare tax at a 0.9 percent rate on wages and other compensation paid to an employee in excess of $200,000 in a calendar year. There is no employer match for the additional Medicare tax.

Employers are required to withhold the additional Medicare tax at a 0.9 percent rate on wages and other compensation paid to an employee in excess of $200,000 in a calendar year. There is no employer match for the additional Medicare tax.

This tax is calculated on Federal Form 8959 Additional Medicare Tax and that form also reconciles the amount of tax owed against what an employer has already withheld from an employee's paycheck (and so is included as withholding in Box 6 of Form W-2 Wage and Tax Statement along with the regular Medicare tax ...

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Get 2023 Instructions For Form 8959. Instructions For Form 8959, Additional Medicare Tax
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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
2023 Instructions For Form 8959. Instructions For Form 8959, Additional Medicare Tax
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