J.K. Lasser's Your Income Tax Professional Edition 2017

Chapter 38 Other Taxes

1. 38.1 Overview of Household Employment Taxes
2. 38.2 Social Security and Medicare (FICA) Taxes for Household Employees
3. 38.3 Filing Schedule H To Report Household Employment Taxes
4. 38.4 Federal Unemployment Taxes (FUTA) for Household Employees
5. 38.5 Individual Responsibility Penalty
6. 38.6 Exemption from Individual Responsibility Payment

The regular income tax figured on taxable income may not be the net amount of taxes you owe for the year. There are additional taxes that may apply to you. For example, if you employ a household worker, such as a nanny, you may owe employment taxes for this worker (38.1–38.4). If you fail to have minimum essential health coverage for 2016 and are not exempt, there is a penalty tax (38.5–38.6).

Most additional taxes are listed in a special section of Form 1040 called “other taxes”; the alternative minimum tax is found in the “tax and credits” section of the return. Some of these other taxes are covered in this chapter; others are covered in other chapters as noted in Table 38-1.

Estimated taxes (27.1–27.5) are not a separate tax liability; they are merely a way in which to pay taxes where income tax withholding does not cover the expected tax bill for the year.

Table 38-1 Key to Other Taxes

Item—	Comments—
Alternative minimum tax	If you are able to reduce your regular tax bill through allowable deductions and other tax breaks, you may still owe tax through a shadow tax system called the alternative minimum tax (AMT). ...