Wiztax.com

Additional Medicare Tax: Who Has to Pay and How Much Is It

WEBYes, additional Medicare tax applies only to the portion of your income that exceeds your filing status threshold. For example, the self-employed freelance website …

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URL: https://www.wiztax.com/blog/additional-medicare-tax-who-pays-how-much/

8 Tips From the IRS to Make Filing Your Next Tax Return Easier

WEBTake a look at a summary below where we have highlighted the 8 tips you should be aware of prior to starting on your next tax filing: 1. Take Advantage of IRS …

Category: Health Go Health

How AGI and MAGI Affect Your Taxes and How Much You Owe …

WEBTo calculate AGI, start with your gross income: total all income from wages, salaries, commissions, tips, dividends, interest, rental income, gig work, and passive …

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Imputed Income: Taxes on Employee Non-Cash Perks and Fringe …

WEBAn exemption to this rule is when imputed income exceeds $1 million. The IRS tax rate for $1 million or more of imputed income is 37%. Sometimes, earning …

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How IRS Schedule R Tax Relief Helps Elderly and Disabled Taxpayers

WEBYes. Claiming the elderly or disabled tax credit requires you to file your Form 1040 and/or Form 1040-SR tax return in addition to Schedule R. Schedule R simply …

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How to Lower Your Taxes with Deductions You Don't Need to …

WEBTraditionally, when filing a federal income tax return, taxpayers can either take the standard deduction or choose to itemize deductions. However, 2017 tax …

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Do You Pay Taxes on Severance Pay

WEBIn most cases, taxes withheld on severance pay are the standard 12.4% Social Security tax (6.2% from the employee and employer), Medicare tax of 2.9% …

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Do I Have to Pay Taxes on Scholarships

WEBThe IRS considers scholarships, general educational grants, and fellowship grants to be tax-free if the student receiving the scholarship or grant meets the following …

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I Am On Disability and Owe Back Taxes. What Should I Do

WEBIf you owe back taxes and you are on disability, here is what you need to know: If you contact the IRS and tell them you are on disability, they will place you in a …

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Military Taxes: What Income and Benefits are Taxable for Military

WEBBasic Income: Standard salary paid to service members is taxed by the IRS. Bonus Income: Enlistment bonuses, accrued paid leave, and other extra military benefits …

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What Does the IRS Consider a Financial Hardship

WEBTo perform a hardship assessment, the IRS will ask for financial information or documentation of all income and assets. They will also ask for monthly household …

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IRS Notice 703: Are Your Social Security Benefits Taxable

WEBAs mentioned above, the maximum Social Security tax rate is 85%. If an individual’s combined income is between $25,000 – $34,000, 50% of Social Security …

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How Are Tax Exemptions, Tax Breaks, and Tax Credits Different

WEBTax credits can also save you money by directly lowering taxes rather than simply reducing the amount of money being taxed. If you owe the IRS $2,500 and you …

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IRS Form 706: Estate Tax Returns and Payments

WEBAn executor of an estate must file Form 706 when the estate of a deceased U.S. resident or citizen exceeds $12.92 million. This is based on the gross amount of an …

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How Does the IRS Determine the Ability to Pay Tax Debt

WEBThe IRS assesses a taxpayer’s “ability to pay” their total back taxes before offering to reduce their tax debt. During the IRS assessment, a taxpayer who can afford …

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How to get an actual human being on the phone at the IRS

WEBPress 1. Press 3. Press 2. Now you’ll be prompted to enter your SSN or EIN. Enter it. Press 1 to confirm, then press 1 to confirm again. At this point a computer will …

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How Do Taxes Work for Influencers and Content Creators

WEBIf a content creator or influencer makes money from third-party payment networks like PayPal or Venmo, they will receive a 1099-K. This form is issued when self-employed …

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IRS Notice CP75: EIC Eligibility Audit

WEBDisclaimer: We are not a law firm, a tax preparation company, a CPA firm or a substitute for an attorney, law firm, CPA or IRS Enrolled Agent. We have no affiliation …

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2023 IRS Collection Financial Standards

WEBThe monthly IRS National Standards amount for housekeeping supplies in 2023 is $47 for a one-person household (+17.5% change YoY); $80 for a two-person …

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