Until December 31, 2012 it is not. After that if you are an individual making $200,000 or more a year or a household making $250,000 or more a year, a tax of 3.8% will be assessed.
Yes, bonuses are like wages. They are subject to the same income and Medicare taxes.
I suspect you mean wages subject to the FICA contribution/payment. (The payment is generally NOT deductible in determining taxable income). The maximum amount of wages subject to the social security tax for 2007 is $97,500. There is no limit on the amount of wages subject to the Medicare tax. === === The maximum amount of wages subject to the social security tax for 2008 is $102,000. There is no limit on the amount of wages subject to the Medicare tax. 2009 The maximum amount is $106,800, no limit to the medicare tax. Remember. the wage to be taxed is determined using different definitions of income than in other things (like income subject to income tax).
If you are a dependent on another taxpayer's income tax return and you have 950 or more of unearned income you would be required to file a income tax return.
They are not subject to the Social Security tax. But they are subject to all other taxes including Medicare tax, federal income tax, and state income tax.
For 2009 and 2010 ALL of your qualified gross earned income will be subject to the medicare insurance tax amount.
Yes this is very possible and if as a dependent you have unearned income of 950 or more of unearned income in the 2009 or 2010 tax year then you are REQUIRED to file a tax return and pay any federal income tax that will be due when you complete your 1040 federal income tax return correctly.
where does that unearned income goes? This is one of many examples for sentence use.
Medicare tax is paid on earned income.
Medicare tax begins with the first dollar of earned income.
IRA withdrawals are subject to neither Medicare nor Social Security tax.
An annuity check would be a part of your unearned income amount on your federal 1040 income tax return.
The tax free amount for a dependent on another taxpayers income tax return filing the 1040 federal income tax return is 950 of unearned income. Some of the different types of unearned income (DID NOT WORK FOR) would be interest, dividends, capital gains, rental income, taxable social security benefits, unemployment compensation, gambling winning and misc income, etc of more than 950 must file an income tax return and report all worldwide income on the 1040 tax return.