Link and Learn - Other Taxes Flashcards
1
Q
Other Taxes Defined
A
“Other taxes” are different from the income tax figured from the tax tables or using the Tax Computation Worksheet. They include:
Self-employment tax
Social security and Medicare taxes on tip income
Additional taxes on IRAs and other qualified retirement plans
Household employment taxes
Repayment of first-time homebuyer credit
Health care: individual responsibility
These amounts are usually calculated on their own form or schedule and are added after the nonrefundable credits are calculated; the nonrefundable credits do not reduce the other taxes.
