Hi i'm debbie peverell and you're listening to the weekly tip from painless financial training group today i'm talking about the td1 form january is the month when that form should be prepared and what that form is is for each employee they should fill in this form and give it to their employer to figure out how much tax should be with deducted from their paychecks so the form itself the td-1 is unfortunately fairly complicated we do have a couple of videos that you can watch about how to fill in the form but the purpose is important most people would prefer to have their income tax deducted every paycheck rather than ending up having to owe a lot of tax at the end of the year so the one thing i want to talk about today is people that have more than one employer either at once so you work for two people at one time or you're working for someone you leave that job and you start working for someone else there's a box on the back of the td1 form which says did you have multiple employers this year if so you need to check that box and what will happen if you do that is that your second employer will not take your personal tax credits into account when they figure out how much tax to take from your paycheck you are only entitled to one set of personal credits the amount you get for being alive for having dependents for your tuition you can only deduct that on your tax return once if you don't tell your next employer that you've already used those credits then that employer will take them into account twice and of course you only get to claim it...
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How to prepare Form T.D. 8929
About Form T.D. 8929
Form T.D. 8929, also known as the Additional Medicare Tax, is a tax form used by individuals to calculate the additional Medicare tax owed on certain types of income. The additional Medicare tax is a tax imposed on individuals earning over a certain income threshold. As of 2021, this threshold is $200,000 for individuals and $250,000 for married couples filing jointly. This tax is levied on top of the regular Medicare tax and applies to wages, self-employment income, and certain other income sources. Individuals who need to file Form T.D. 8929 are those who have income exceeding the aforementioned thresholds and are subject to the additional Medicare tax. Employers deduct the regular Medicare tax automatically from the employee's wages, but if an individual's income surpasses the threshold, they need to report and calculate the additional Medicare tax using this form when filing their federal tax return.
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Video instructions and help with filling out and completing Form T.D. 8929
