WebJan 5, 2024 · If you make a profit from your investments, you may owe net investment income tax if your modified adjusted gross income is $125,000 or higher, depending on … Web1) For the first $200,000, I paid $2,900 (1.45%) 2) For the rest of my wages over that ($96,409), I paid $2,265.61 (2.35% which is 1.45% + the extra .9%) 3) Total Medicare taxes I paid: $5,165.61. This matches Box 6 on my W2. So I'm not sure why I'm now liable for an extra $868 per Form 8959. $868 is .9% of my excess wages over $200,000.

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WebDec 1, 2024 · These types of investments typically have a long-term capital gains tax rate of 28%. In addition to the income taxes described above, those with significant income may be subject to the net investment income tax, which is an additional 3.8% tax on top of the usual capital gains taxes. Thankfully, you can offset your capital gains with your ... WebYou owe special taxes, such as the alternative minimum tax, a penalty from an early withdrawal from an IRA or 401(k), household employment taxes and Social Security or … WebFeb 16, 2024 · Deduct Half of Your Self-Employment Taxes. The government assesses a 15.3% Federal Insurance Contributions Act tax on all earnings to pay for the Social Security and Medicare programs. While ... farkas house mckeesport pa