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Video instructions and help with filling out and completing Medicare surcharge tax 2022

Instructions and Help about Medicare surcharge tax 2022

To have access to a great public health care system most Australians paying extra tax called the Medicare levy foreign residents in some low wage earners are not required to pay the Medicare levy for example a single parent with a low income the Medicare levy is different from the Medicare levy surcharge the sir charts is another extra tax that applies to singles couples and families who earn more than the threshold amount that means if you have a high income you will pay the Medicare levy as most Australians - but you'll also pay the surcharge however it's important to know that if you have the right private health insurance you may not have to pay the surcharge but you'll still pay the Medicare levy.

FAQ

Is Australia a good place for Americans to retire to?
I’m not so sure that I would recommend it :)See, Australia is very different to America and so most Americans seeking to retire here may find our culture totally incoherent. Here are some things that an American retiree would find strange and in some ways may be unacceptable to their long-held views:You may need to plan for a longer life: Average life expectancy for Australian men (81.5 years) is 5.1 years longer than the US counterpart (76.4 years)[1]. So you are going to need to budget for those extra years.You will need to change your coffee habits: See the US Starbucks brand doesn't dominate our coffee culture as it does in the US. Of the 20,781 coffee shops in Australia, only 40 are Starbucks outlets. We don’t make fancy coffee drinks with sweet additives here. So you will need to just get used to drinking fine espresso coffee made how the Italians intended it to be drunk apart from the ‘Flat White• [2]that the Aussies invented.We have a ‘full democracy’, not a flawed one[3]: An independent non-partisan Electoral Commission manages our elections, voter registrations and electoral boundaries so partisan gerrymandering, the strategic location and quantity of voting places to aid a particular party and voter roll purges by politically motivated governors is just not an issue here. To ensure that every Australian’s voice is heard, we make voting compulsory in law (undemocratic?) and we use a preferential voting system where voters number the candidates on the ballot paper in the order of their preference • and our elections are held on Saturdays when most people are free to vote[4]. I’m not sure how American retirees will cope with the very diminished emphasis on partisan politics in our democratic processes.We have universal health care: Medicare is Australia’s universal health insurance scheme. It guarantees all Australians access to a wide range of health and hospital services at little or no cost. [5] Medicare is collectively funded by all Australian taxpayers who contribute a Medicare Levy of 1.5% of their taxable income with an additional 1% surcharge if a taxpayer doesn't also have an appropriate level of private hospital cover. Paying 1.5% of your income to access free or low-cost health care may just be too much for some American retirees. Warning: some years your taxes may go to help someone else’s health needs and in other years the benefits may be reversed.Our police rarely shoot civilians: “A civilian is about 12 times more likely to be shot and killed by a police firearm in the US than by a police firearm in Australia”.[6] So if you believe in the ‘shoot first ask questions later• law-and-order view, then don’t expect it to happen here.We don’t have a gun culture: Be warned. We have gun laws that strictly control firearms and ban others for civilians like no automatic and semi-automatics. Mass shootings still happen but they are a rarity. (2 in the last 20 years or so). So if your keen to carry guns in public or keep them at home, be warned that our gun controls are strict.[7]Along with 192 countries in the world, we have adopted the International System of Units (metric system) - so as an American you are going to have to get used to your weights and measures being in metric rather than imperial which is only adopted by your country, Liberia and Burma.No tipping culture - See in Australia our laws require that businesses pay their employees a wage commensurate with their skills sets which means that hospitality employees do not need to depend on tips to make up any shortfall in their pay. American retirees will need to use to treating hospitality employees as an equal in the service/compensation exchange.Religion isn’t so important here: In fact “no-religion” is now the most common response and growing fast to the “What is your religion?” question on the Australian Government’s Census.[8] So if you think you are coming to a country where “In god we trust ” • forget it, we don’t.Then again, if you have the budget for living a few extra years, if you don’t mind discovering what good espresso coffee actually tastes like, if you prefer a less partisan democracy, if you don’t mind participating in universal health care, if you would prefer police to ‘keep the peace• and if you are not so fussed about owning guns and can live in a country that is not so religious, treats hospitality employees as equals and measures things in metric • then come on down.You would be welcomed here with open arms • mate! So what are you waiting for?Footnotes[1] Australians living longer but life expectancy dips in US and UK[2] Flat White | Starbucks Coffee Australia[3] Democracy Index 2018[4] How Compulsory Voting Works: Australians Explain[5] The Australian health system | Australian Government Department of Health[6] You're 12 times more likely to be shot by a cop in America. Here's why[7] Did gun control laws work in Australia? What was the experience in Australia with the 1997 gun buyback/ban legislation?[8] 2022 Census: Religion
How much does Universal Health Care on average cost a citizen in countries that it is practiced?
The question is moot.Most people in any UHC (universal healthcare) country wouldn’t know:—because the UHC is funded by the government from general tax revenue • at best, people might have a general idea of the percentage of their tax payment typically going to UHCbecause of the above, people don’t need to “pay” anything specifically for UHC • unlike the situation in the USA where people have earmark a certain amount from their weekly or monthly income for health insurance and whatnotI grew up in several countries and have worked internationally for 35+ years.Back in the USA, I would have to buy my own healthcare/medical insurance (in one way or another) for my current and potential medical needs. I can say it’s possible for my employer to arrange or provide some kind of employment-linked healthcare insurance • it’s still a private provision and not UHC.Back in the UK, I don’t have to pay anything • because I’m entirely covered by the UK’s National Health Service. It is free . And when I say ‘free,• it means free of charge for the patient/user when getting treatment or hospitalisation • instead of the stupid rebob about the service itself being free as in “unfunded.” The NHS is funded by the government from general tax revenue.If I wanted, it is perfectly permissible for me to buy private healthcare insurance (such as Bupa, etc) to augment or even supplant what the NHS already provides. I don’t need to • but I can, if I wanted to afford it.Now that I’m based in Hong Kong, where it’s a hybrid system, the government provides free UHC for all emergency needs and most of the usual health treatment needs of the population • and the population can top up with private healthcare insurance for specialist medical needs. Each public hospital attendance has a fixed fee of HK$100 (US$12.77) whatever the treatment • and the patient has the OPTION OF NOT PAYING IT (though 99% of patients choose to pay it).“In every case, it’s less than the average cost per person in the US.” • Jean Rafenski Reynolds• answerNow go and upvote Jean’s answer.
In 2022. if I sell a house and made $400k in capital gain (sold $400k more than how much I bought the house for), do I have to pay the 2.5% Obamacare penalty on that gain when reporting taxes?
Please note that I am not a tax expert; seek out one of those for best advice.I suspect you’re talking about the 3.8% Net Investment Income Tax surcharge that Obamacare placed on high investment earners.The IRS, in Questions and Answers on the Net Investment Income Tax, says“In general, investment income includes, but is not limited to: interest, dividends, capital gains, rental and royalty income, non-qualified annuities, income from businesses involved in trading of financial instruments or commodities and businesses that are passive activities to the taxpayer (within the meaning of section 469). To calculate your Net Investment Income, your investment income is reduced by certain expenses properly allocable to the income (see #13 below).”Your profit is certainly a capital gain; you don’t speak of the holding period but unless you’re flipping real estate (in which case you’d know the answer already) this is likely a long-term holding.If it’s a personal residence, of course you should look into the benefits of that exclusion:“11. Does this tax apply to gain on the sale of a personal residence?The Net Investment Income Tax does not apply to any amount of gain that is excluded from gross income for regular income tax purposes. The pre-existing statutory exclusion in section 121 exempts the first $250,000 ($500,000 in the case of a married couple) of gain recognized on the sale of a principal residence from gross income for regular income tax purposes and, thus, from the NIIT.”That section also discusses various scenarios to illustrate your liability. For instance:“Example 3: D, a single filer, earns $45,000 in wages and sells her principal residence that she has owned and resided in for the last 10 years for $1 million. D’s cost basis in the home is $600,000. D’s realized gain on the sale is $400,000. The recognized gain subject to regular income taxes is $150,000 ($400,000 realized gain less the $250,000 section 121 exclusion), which is also Net Investment Income. D’s modified adjusted gross income is $195,000. Since D’s modified adjusted gross income is below the threshold amount of $200,000, D does not owe any Net Investment Income Tax.”If your wage income is also high, you may be subject to the Medicare tax:“14. Will I have to pay both the 3.8% Net Investment Income Tax and the additional .9% Medicare tax?“You may be subject to both taxes, but not on the same type of income.“The 0.9% Additional Medicare Tax applies to individuals• wages, compensation and self-employment income over certain thresholds, but it does not apply to income items included in Net Investment Income. See more information on the Additional Medicare Tax.”So with the sketchy information that you provided, the answer is a probable yes, you will owe the additional tax. But check with a tax professional to see how you might mitigate any additional cost.
A Medicare patient made $97,000 at his job in 2022. how much will he pay for his Medicare Part B premium?
What you made in 2022 should no longer matter. If you are currently making $85,000 or less (single filer), part B should be $134/month, $85k to $107k it would be $187.50/month ( and also $13.30 extra for Part D).They look back 2 years at income tax filings to get the income amounts but if you have lost that job you can file for a ‘life changing• exemption.New IRMAA Medicare Premium Surcharges Taking Effect In 2018
I recently did some work for an event agency and N.I / Tax were both deducted from my payslip. I'm self-employed so can I claim these back?
Beginner's Tax Guide for the Self-EmployedUpdated for Tax Year 2018OVERVIEWBefore you take your first step into the world of entrepreneurship, there's a checklist of things you'll need to do to avoid tax problems while your venture is still in its infancy.Many people have dreams of being self-employed, but you’re different: You actually have a shot at it. You have the start-up capital and a solid business plan that will help make your dream a reality.But before you take your first step into the world of entrepreneurship, there’s a checklist of things you’ll need to do if you don’t want to get nailed by tax problems while your venture is still in its infancy.Know your entityOne of the most important decisions you must make as you start your journey toward self-employment is determining what your business structure will be.Whether your company will be a sole proprietorship, an LLC, a partnership, an S-corporation, or C-corporation will affect how your taxable income flows through to your personal tax return.Sole proprietor:If you are a sole proprietor, your business income and expenses should be reported on Schedule C. You’ll be responsible for paying self-employment taxes—such as Social Security and Medicare.Partnerships and Corporations:If you have a business partner, you will likely file as either a partnership or as a corporation. A partnership must file an information return, but it typically does not pay federal income tax. Information returns are tax documents (the most common being Form W-2) that businesses and taxpayers must file to report certain business transactions to the Internal Revenue Service. Usually, you use Form K-1 to report an individual's share of partnership and S-corporation income to the federal government.Unlike a sole proprietorship or a partnership, a C-corporation is recognized as a separate tax-paying entity for federal tax purposes. That means the corporation may be able to take special deductions. It also means the profit it earns is taxed at the corporate level, then taxed again on the recipient's tax return if it is distributed as a dividend to shareholders.S-corporations are similar to partnerships in that the income typically flows through to your personal tax return. But they are like C-corporations in that you normally set a salary and withhold payroll taxes at the corporate level for the owner. Some or all of your income may be reported to you on a Form W-2 at the end of the year.One of the advantages of being an S-corporation is the taxpayer’s ability to choose a salary, subject to reasonable guidelines. But there can be serious tax ramifications should a person severely underpay himself when the business is making money, because wages are subject to payroll taxes.Although an LLC is a legal business structure, it is a state-level designation that is not generally recognized for federal tax purposes. It must file as a corporation, partnership or sole proprietorship.Get ready for taxesNow that you know what you are, you can take the steps that can lead to tax deductions down the road. That may first involve securing a tax ID number.You can get a tax ID number for free. It’s always a good idea for self-employed people to get a separate tax ID number for their business so they can give it to customers that require a W-9 form from them. A tax ID number is required if you have employees.If you can carve out a little nook in your home that you can dedicate solely to your business affairs, you’re setting yourself up for a great home office tax deduction. It does not have to be a separate room, as a desk in the corner of the kitchen will qualify. But it does have to be used exclusively for business tasks, so the kitchen table probably does not qualify.If you’ve never been a stickler about keeping track of the money you earn and spend, now is the time to make it part of your daily routine.Personal finance tools like Budget Tracker & Planner can help self-employed individuals categorize and keep track of their business and personal income and expenses separately. QuickBooks from Intuit offers a range of financial products for businesses to manage their finances, whether you’re just starting out or established and expanding.Cruise into tax deductionsOne of the most common tax deductions self-employed taxpayers can claim is automobile expenses. So don’t fret over the steadily depreciating value of that new van you purchased to make deliveries for your catering business. Several tax options can help you recoup some of the money you spend maintaining and using your car for business-related purposes.To get the maximum deductions for your business vehicle, you must maintain a written log of business miles. You must also jot down your odometer reading at the beginning and end of each year so you’ll know your total miles.You may choose to use the standard mileage rates set by the federal government or deduct the actual expenses.Using the standard mileage rates involves keeping track of your business miles and multiplying these miles by the mileage rate provided by the IRS.Deducting actual expenses allows you to deduct specific expenses including depreciation or lease costs (subject to “luxury limits” that disallow deductions for expensive cars), gas, insurance, repairs and car washes.If your car is over 6,000 pounds gross weight, you are not likely subject to the luxury rules and therefore can get a higher deduction for depreciation or your lease payments. All expenses must be ‘ordinary and necessary• to deduct.It's not all about the cars, though. A bevy of other deductions are available to the self-employed, such as:office suppliesreference materialtravel expensesBut keep in mind they require meticulous bookkeeping and receipt filing to satisfy IRS rules.A new responsibilityWith the freedom of being a self-employed individual comes the sole responsibility for paying taxes.In addition to income taxes, you may be required to collect and pay sales tax, a state-mandated surcharge that varies from state to state. Business owners should check with their state government to see if they must charge customers sales tax for their products or services.If you should have collected taxes and don’t, then you can be personally liable on the sales tax you should have collected but didn’t.Individuals may also be held responsible for a use tax, which is applied to all the items a person buys for the business and should have paid sales tax on but didn’t.Whether you file as a sole proprietor, partnership or a corporation, individuals often have to pay estimated federal and state taxes on profits from the business.And finally, if you have employees on your payroll, including yourself, they and you are required to pay Uncle Sam the standard payroll taxes on salaries.Perfect for independent contractorsand businessesFind more tax deductions so you can keep more of the money you earn with TurboTax Self-Employed.
How much of the current U.S. deficit would not exist if Bush's tax cuts had not been passed into law?
There are a number of moving parts and I did not find exact figures. Based on the sources reviewed and varying estimates, one can only provide rough estimates. That being said, most of the current US deficit would be eliminated if the Bush tax cuts were reversed, but it is difficult to say exactly how much. Perhaps up at least $300 billion of the budget deficit of $483 billion in 2022 budget deficit would have been eliminated if the Bush Tax cuts were entirely reversed. This includes losses in tax revenue as well as significantly lower interest expenditures on the national debt but for such tax cuts being in effect since 2022 and 2003.By some estimates, the Bush tax cuts have accounted for at least 25% of the $19.5 trillion dollar US national debt as of the end of 2022. However, by one estimate through 2022. the Bush Tax Cuts reportedly increased the national debt by $1.7 trillion through 2022. However, from 2022 to 2022 the national debt was projected to increase by another $4.4 trillion as of 2022 as a result of these tax cuts, if maintained. See Policy Basics: The 2022 and 2022 Tax Cuts Lower actual interest rates on the US debt have reduced these amounts to some extent.There is an Internet site that provides useful graphical histories of the US national debt and deficits and some tables with data. US National Debt and Deficit Debt History with Charts As can be seen, the US government was actually running a modest surplus (reducing the national debt) in 1999 and 2022 prior to the Bush Tax Cuts. It was understood at that time, the the US budget needed to be in surplus in order to anticipate the growing population approaching retirement age and the future obligations of Medicare and Social Security. Even if the budget policies in the 1998 to 2022 time period had been maintained, budget deficits to some extent would still occur in the future as a result of increasing obligations of government retirement obligations and similar programs. The budget deficit peaked in 2022 at $1,413 billion.However, tax reductions in 2022 and 2022 and substantial increases in defense spending associated with wars in Afghanistan and Iraq led to substantial increases in the budget deficits between 2022 and 2022. Continued economic growth and activity allowed the US to reduce and contain the budget deficits through 2022. But beginning in 2022. the tax revenue losses due to the economic recession beginning in 2022 and extending through 2022 combined with government bailouts and stimulus expenditures to dramatically increase the US budget deficits to $1,413 billion in 2022. See also Government Spending Chart.A combination of tax surcharges (increasing the top marginal income tax rates) and spending limitations (especially limitations imposed due to deadlocks between Congress and President Obama) over time combined with a slow economic recovery to reduce the US budget deficit to $680 billion in 21013, $485 billion in 2022. and $438 billion in 2022. See Government Spending Chart The US budget deficit was projected to be $504 billion before any changes made by the new administration or Congress. US Federal Deficit by YearThe current deficit is modestly lower than had been forecast in the past because of government recoveries of some funds used to shore up financial institutions, recoveries in suits against certain financial institutions and others related to the financial crisis between 2022 and 2022. and other recoveries on investments used to help other US industries (particularly the US vehicle manufacturers) and continued economic growth.The biggest concerns going forward are the potential for increased interest rates on the national debt (which could substantially increase budget deficits), the rising percentage of the population receiving social security and Medicare benefits (reducing the proportion of the population generating earned income to fund these benefits and increasing the expenditures for Medicare and Social Security) and the need for expenditures on public infrastructure (particularly national roads and bridges) that were neglected over the past 35 years. Thus, even with the depth of the recession in 2022 to 2022 and slow economic recovery and even with increased national defense spending associated with continued involvement in conflicts in the Middle East and Asia, the US should ideally have at least a balanced budget or modest budget surpluses right now if it expects to avoid significant budget pressures or crises in the future. As currently projected, absent a radical shift in the costs of medical spending or cuts in real social security benefits in the future, there will be an eventual budget crisis. The most likely scenario is pressures to limit the rate of increases in medical care expenditures per capita (the current trend of increasing medical care costs and rates in the US is unsustainable long-term) and to expect future reductions in real social security benefits (as much as 20% to 25% for those receiving maximum social security benefits).If average interest rates on the US government debt reached 12% then, theoretically, the US government would reach a risk of insolvency in the near term, but such increases in interest rates, if accompanied by inflation (which is likely) might be offset by the negative effects by increasing nominal tax revenues and reducing the “real” value of the national debt.To put it in perspective, the current US national debt at the end of World War II was greater relative to national GDP than the current US national debt. However, the post-WW II period was helped by rapid economic growth and growing populations (baby boom) not likely to be repeated in the future (absent substantial inmigration).;""
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