Are you liable for two additional taxes on your income?

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Are you liable for two additional taxes on your income?

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August 27, 2024 , ,

NITT and Medicare Tax

Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Let’s take a look at these taxes and what they could mean for you.

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Is your income high enough to owe two extra taxes?

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September 6, 2022 , , , ,

investment income tax

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean for you.

Continue Reading: Is your income high enough to owe two extra taxes?