The gross FICA tax is 15.30% of the first $110,000 of earned income. Of that common law employees (most of us, especially if you receive a W-2)pay 50% of that 15.30%, the employer pays the other 50%. So then the 7.65% left is split between the pension/disability fund, and medicare. The prior gets 6.2% and the latter 1.45%.
A few notes: That maximum of 110K only applies to the 6.2% for old age/disability. There is no limit on the medicare 1.45% If you earned 500k(taxable)your medicare tax would be $7,250!!
Politicians reduced the employees Old Age portion to 4.2%. Why you would reduce the funding source of a program already in a deep DEEP hole I don't know, but who ever said politicians do logical things in our favor. Also I THINK it has to be revisited every year or two.
FICA pays for your Social Security and the Medicare tax pays for Medicare Part A, which is your Medicare hospitization insurance. When you begin drawing your Social Security check, then your Medicare Part B medical/doctors visit insurance is automatically deducted from your check.
No. FICA taxes (Social Security, Medicare, etc) are only paid on earned income.
As of July 14, 2010 you do NOT have any type of stimulus check available for the tax year 2010. If you are on medicare and have the medicare part D coverage for your pharmacy purchase and the cost for your medicines arrive at what is called the doughnut hole you should receive a 250 rebate check from medicare to help you through the doughnut hole. The check should arrive about 45 days after medicare see that this has happened to you. If you don't get your rebate check, contact Medicare at 1-800-MEDICARE. Individuals receiving Medicare Extra Help will not receive a rebate check.
You get medicare soon after your 24th consecutive social security check. Sucks, don't it? If you retire at 62, you'll get it at 64. Unless you are receiving [Social Security] Disability Insurance Benefits, eligibility for all parts of Medicare begins at age 65.
Yes. If you work after retirement, you will still have contributions to Social Security and Medicare (FICA) withheld from your paycheck at the same rate as before retirement.
In most years, your employer will deduct the following from your paycheck: Social Security: 6.2% of your gross pay Medicare: 1.45% of your gross pay However, in 2011 Obama signed into a law a "payroll tax holiday" as part of the continued effort to stimulate the economy. For 2011 only, the social security tax coming out of your paycheck is 4.2% instead of 6.2%, meaning that this year you will take home more money than you would in a "normal" year. Your employer matches these amounts too -- they pay another 6.2% for social security, and another 1.45% for Medicare. Under the payroll tax holiday, only your portion of social security is reduced to 4.2% -- your employer is still paying 6.2% of your pay into social security for you.
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SURE IT WILL. And if you continue to work and contribute to the social security and medicare insurance program until age 70 your benefits will continue to increase.
If you are on disability at age 57, you may be eligible for Medicare after receiving disability benefits for 24 months. You can contact the Social Security Administration for more information and guidance on enrolling in Medicare. Alternatively, you may be eligible for Medicaid based on your low income. Contact your state's Medicaid office for more information on eligibility and enrollment.
Possibly not being treated as a employee with an employer but as a self employed taxpayer. You should check with the payer of your income about the reason FICA (social security and medicare taxes) were NOT being withheld from your pay.
The answer is nothing because if you are 65 and a US resident you are eligible for medicare even if you do not receive social security If you are enrolled in Medicare Part B, your premium is automatically deducted from your social security check. For 2009, if you make less than $85,000.00 per year, $96.40 will be deducted from your social security check. If you make more than $85,000.00 per year, check this publication for the correct deducted amount: http://www.medicare.gov/Publications/Pubs/pdf/10050.pdf
According to www.nfb.org ... "The Medicare medical Insurance (Part B) premium, which is $93.50 per month in 2007"