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How to calculate additional Medicare tax 2023?

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.

How is the additional Medicare tax calculated in 2023?

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.

How do I report additional Medicare tax?

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.

How to calculate additional Medicare tax withholding?

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%.

Who pays the 3.8% Medicare surtax?

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.

form 8959 2023

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How do I claim excess Medicare tax withheld?

Once you complete Form 8959 and figure out the total Additional Medicare Tax youre 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 duewhich ultimately gets reported on your 1040 form.

How do I report Medicare on my tax return?

If you qualify, you can deduct premiums for Medicare Part B and Part A if youre 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.

What is the additional Medicare tax withholding on form 8959?

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 employees 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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