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8959 part v Form: What You Should Know
Additional Medicare Tax (Form 8959): In general If you have Medicare, a government program, or are an individual covered by self- employment insurance, these are exempt from Additional Medicare Tax. Also, If you are subject to the Additional Medicare Tax, makes sure your employer withholds the correct amount from your pay to calculate Additional Medicare Tax. You may be subject to Additional Medicare Tax on your wages if your employer takes more than 400 (for example, if you make 45,000 per year and your pay is 40,000 then your employer would owe you 300). Additional Medicare Tax rate and rate range Each Form 8959 is calculated based on its own table of rate ranges. The lowest rate for filing year 2023 is 10 percent and the highest rate is 65 percent. In 2018, the rates for income up to 127,200 and up to 200,000 for individuals are 10 and 15 percent. Exemptions: You may be exempt from the Additional Medicare Tax in a number of ways: You do not have to pay Additional Medicare Tax You do not have to file Form 941, Form 943, or Forms 944 (which indicate the amount of Additional Medicare Tax withheld (form 8959 is one form that includes this information)) Your wages are wages only, and not compensation, and not self-employment income in the taxable year If an employer's employee has a spouse or dependent child with an income for 2017, the employer and employee must file a joint Form 8959, showing that each employee has made a separate Form 8962. That is, each child has to file forms for the employee's spouse or dependent child. Additional Medicare Tax rates for 2023 and later The IRS lowered the rates in 2023 to 20.0 percent for individual filers, and to 24.4 percent for married filing jointly, up from the previous rates. The same table applies for 2019. For a breakdown of the differences, see 2023 and 2023 Table of Rates (Form 8959). (The table below is an estimate. The final rates depend on how many filers have or have not received a Form 944 and who does not yet have a Social Security number.) 2017 Table of rates (Form 8959) Year of issuance Tax year Rate Single Filing Jointly Married Filing Separately 2023 20.0% 13,900,000 1,950,000 8% 2023 21.
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