The specific amount withheld should be shown on your payment stub or direct deposit receipt, and is labeled FICA.
A total of 7.65% of your pre-tax income (6.2% for Social Security and 1.45% for Medicare Hospital benefits) is withheld from each paycheck until you reach the current earnings cap of $106,800. There is no earnings cap for the 1.45% Medicare Hospitalization contribution, so that continues to be withheld regardless of your income.
Your employer pays a matching amount from company funds, bringing the total contribution on your behalf to 15.3% of the first $106,800 of salary.
If you earn less than the maximum, you can easily calculate your total annual contribution by multilplying your base salary x .0765.
For example:
A person who earns $35,000 in 2010 will contribute $2,677.50 toward future retirement benefits, and his or her company would match that contribution for a total of $5,355.
For most beneficiaries, Medicare Part B for 2010 is $96.40/month (same as 2009).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.
In most cases, $99.90. That's the premium for Part B for people who worked most of their lives, made less than $170K, and do not work after retirement. Part A, which covers hospitalization, is free. Part B covers doctor bills. You can elect to buy Part D, which covers drugs.
For most beneficiaries, Medicare Part B for 2010 is $96.40/month (same as 2009).
when on disibility how much do you pay for part .B Thank you.
7.65% of gross pay.
23%
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.
At the end of the year you will get a statement from Social Security. It will have the amount of money you received, for the year, from Medicare.
In 2010, wages up to $106,800 are subject to Social Security tax. There is no wage limit on Medicare tax.
16 trillion Dollars
The Medicare premium of $134 is usually automatically deducted from your Social Security check every month. If you want a Medicare part C or part D plan too, you will have to pay for that yourself and the amount will depend on the insurance company and the plan you select.
for fica deductions if you want your social security and medicare deductions separate its 1.45% for social security and 6.2% for medicare the monthy total would be %149.00 a month signed a tenth grader in Missouri
I would say no. Social Security payments depend on your lifetime employment payments. Medicare in health benefits help by the government. An inheritance, depending upon how much it is, might effect your income taxes, depending upon the amount.
As I understand you can make as much as you want after age 66 and still draw your full social security.
If while receiving social security retirement benefits, I get married, can my wife receive thru me, and if so how much if my monthly check is, $1738.
No one should worry about this. The Federal government is not about to let either of these programs end.
106,800. That amount went up in 2012 to 110,000. According to the Offical Social Security Website.
The 35 years that they had the highest income that was subject to the social and medicare tax withholding. You can find information about your possible social security benefits in future years by going to the SSA gov web site Click on the below Related Link