The Additional Medicare Tax
The Additional Medicare Tax is yet another tax imposed on relatively high income taxpayers. Instead of being levied on investment income, like the Net Investment Income Tax, the Additional Medicare Tax is imposed on wage and self-employment income.
This video defines how the Tax works, who is liable for paying the Tax, Additional Medicare Tax Withholding, and how to properly report Additional Medicare Tax using Form 8959.
0:00 Introduction
0:26 What is the Additional Medicare Tax?
1:18 How the Tax works
2:53 Reporting the Tax using From 8959
5:51 Conclusion
If you're curious about the Net Investment Income Tax, click here: • The Net Investment Income Tax
To learn more about Self-Employment Tax, click here: • What is Self-Employment Tax (and why do I ...
For a deeper dive into Form W-2, click here: • What are all those numbers on my W2?
Additional Resources and Information:
IRS Form 8959: "Additional Medicare Tax": https://www.irs.gov/pub/irs.pdf/f8959...
Instructions for Form 8959: https://www.irs.gov/pub/irs.pdf/i8959...
The Balance: "Additional Medicare Tax on Wages and Self-Employment Income": https://www.thebalancemoney.com/addit...
The Tax Geek on the Site Formerly Known as Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
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Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Creator Music
Outro Music: "Modern Attempt" - Track Tribe under license from YouTube Creator Music
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.