" Do You Know What is AMT According to IRS ? "

AMT is Alternate Minimum Tax per IRS Definition is a Flat Tax on the Taxable Income Above a certain Threshold.  For Taxpayers who make more than the Threshold Income, AMT is assessed. The AMT amount is added to Tax on Line  45 of Form 1040 and is computed using Form 6251 for TY 2015.  Some details about AMT:
1. When Taxable Income Plus Certain Adjustments Exceeds your Exemption Amount based upon Filing Status, Taxpayer pays AMT for TY 2015
2.  AMT Exemption Amount:
          Single or Head Of Household       $ 53, 600
          MFJ or QW                                   $ 83,400
          MFS                                               $ 41,700    
3.   AMT Exemption is phased out at certain Higher Income levels.

For Q & A Contact :  Kash, (925) 963 4891 @ Yajnik & Mehta Associates  (YMA) 

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" Who Pays Additional Medicare Tax ? "

Taxpayers whose Income Exceed Certain Limits, pay Additional Medicare Tax. List details:
1. Additional Medicare Rate -  0.9%
2. What Income is Subject to  Additional Medicare  Tax ?  Medicare Wages, Self Employment Income, & Railroad Retirement Compensation
3.  Threshold Amount:
         Filing  Status                                    Threshold Amount
   o        MFJ                                                    $250,000
   o        MFS                                                   $125,000
   o        Single                                                 $200,000
   o        HH                                                     $200,000
   o        QW ( 1 Child)                                      $200,000
4.    Withholding / Estimated  Tax -  Employers must withhold this Tax and Self Employed must include this in Estimated Tax Payments.
5.  Under Payment Penalty -  If you withhold too little Tax or didn't pay enough Estimated Tax,
IRS will impose Under Payment Tax Penalty.

For Q & A Contact :  Kash, (925) 963 4891 @ Yajnik & Mehta Associates  (YMA) 

Facebook : www.facebook.com/yma.taxpro

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