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Complete the following statements regarding the Medicare component of FICA.
Upon whom is the 0.9% additional tax imposed?
The 0.9% Medicare additional tax applies to taxpayers with
in excess of $fill in the blank ee55f5001014fcb_2 (for single filers) or $fill in the blank ee55f5001014fcb_3 (married filing jointly).
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- For purposes of determining income eligibility for the premium tax credit, household AGI is AGI for the taxpayer and spouse AGI for the taxpayer, spouse, and any other household members required to file a tax return AGI for the taxpayer, spouse, and any other household members required to file a tax return plus any tax-exempt income AGI for the taxpayer, spouse, and any other household members required to file a tax return plus any tax-exempt income and untaxed Social Security benefitsWhich of the following is not a requirement to receive the premium tax credit for health care? Health care through the employer is not available Health insurance is purchased through the state or federal exchange Income must be no greater than 200 percent of the federal poverty line The taxpayer cannot be claimed as a dependentCalculate the tax payable if an individual taxpayer has the following amounts of taxable income. Include Medicare Levy and Medicare Levy surcharge, where applicable. $17,000 – Non-resident (not a working holiday maker). $95,000 – Non-resident, (not a working holiday maker. $100,000 – Resident, with no private health insurance. $245,000 - Resident; with private health insurance.
- : If an individual whose filing status is single earns $256,000 during the year, what portion of the earnings are subject to Additional Medicare Tax, and what is the total (standard and Additional) Medicare Tax rate that will be applied to these earnings? Answer: A. $6,000 and 0.9% B. $6,000 and 2.35% C. $56,000 and 0.9% D. $56,000 and 2.35%An employee whose tax return filing status is married filing jointly, whose taxable earnings for FICA taxes prior to the current period were $201,375, and whose taxable earnings subject to FICA taxes are $4,100 for the current period will have $ in total (regular and additional) Medicare tax withheld by their employer.If a single taxpayer had self-employment income (from all sources) of $243,638, then $______ would be subject to an additional Medicare tax of .9% The answer is 25,000, but how?
- Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $386,800.His additional Medicare tax is $ b. George and Shirley are married and file a joint return. During the year, George earns wages of $229,900, and Shirley earns wages of $344,850.Their additional Medicare tax is $ c. Simon has net investment income of $58,000 and MAGI of $290,000 and files as a single taxpayer.Simon's additional Medicare tax is $For each individual, calculate the self-employment tax. Assume that each individual files tax returns under single status. Remember, the additional Medicare Tax threshold that applies to sel-employment income is based on the employee's filing status, but to simplify the process for employers, the IRS requires that Additional Medicare Tax be withheld from all employees who earn more than $200,000 in a single year, regardless of filing status. 1: Allison Wilson earns net self-employment income of $62,700. She does not work a second job.Self-Employment tax = $ 2: Martin Hughes earns net self-employment income of $149,900. He works a second job from which he receives FICA taxable earnings of $129,200.Self-Employment tax = $ 3: Elisa Grant earns net self-employment income of $198,000. She works a second job from which she receives FICA taxable earnings of $100,400.Self-Employment tax = $For each individual, calculate the self-employment tax. Assume that each individual files tax returns under single status. Remember, the additional Medicare Tax threshold that applies to sel-employment income is based on the employee's filing status, but to simplify the process for employers, the IRS requires that Additional Medicare Tax be withheld from all employees who earn more than $200,000 in a single year, regardless of filing status. Martin Hughes earns net self-employment income of $149,900. He works a second job from which he receives FICA taxable earnings of $129,200.Self-Employment tax = $ What is the self employement tax? (Self employment tax=net self employment income x 15.3% However, for individuals who have net self-employment income exceeding $200,000 (or $250,000 for married filing jointly), there's an additional Medicare Tax of 0.9% on the excess amount.)
