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8959 instructions 2023 Form: What You Should Know
Additional Medicare Tax on Retirement Savings, Filing Status, and Investment Income Source: Federal tax withholding will be calculated and withheld from your paycheck. It's important to remember that you cannot file this on your own. You will need an IRS Form 2459 or EIN to fill out the form. Taxpayers with self reported income will be advised of their legal responsibilities for filing these forms if they don't have an active tax return. August 2023 — To avoid a large-enough tax liability to cause an immediate increase to a taxpayer's taxes, taxpayers must use a payment method to pay their federal income taxes. If you have taxable income that exceeds your adjusted gross income (AGI) for the base year, but are eligible to use a payment method, you may not owe federal income tax on the excess amount until you file your return on time. Additional Medicare Tax (Auxiliary) This section is divided into 5 sections: Taxable Income; Payment method; Alternative payment methods; Form 8959; and Reporting. Taxable Income • For taxable taxpayers that are not eligible to use an alternative payment method, including those who rely on income from self-employment or pensions, the amount of allowable tax that is withheld from your wages will determine the amount that is taxable in the year you file. For taxpayers that can report their wages through the alternative payment method, the tax will not be tax-exempt; however, the amount of taxes that is withheld will be reported on your tax statement. As determined by the Form 8959 you pay to the IRS, the amount you are required to withhold. This amount depends on the filing status of the taxpayer and the amount of wages or compensation you pay during the year. Payment method • For the payment method to be effective, you must pay the amount and tax owed using a direct debit or direct deposit, or through a payroll service or by another payment method in effect for the calendar pay period covering the last day before the date the Form 8959 is filed. Alternative payment methods • If you are entitled to use an alternative payment method for Form 8959 and you pay the income tax for the taxes withheld for that year, you are entitled to file the Form 8959 by the due date of the return.
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