What would you like to do?
Why is Medicare taxes deducted from your paycheck?
The W-4 FORM Employee's Withholding Allowance Certificate Go to the IRS gov website and use the search box for W-4
Yes Medicare will continue to be deducted regardless of age. As long as you have earned income, even after retirement, you continue to contribute to Social Security and Medica…re with FICA taxes at the same rate as before you retired.
Social security and medicare.
Normally it is before...it is a non taxable fringe benefit. (MCCain wants to change that). My employer said it is not. I believe there is a scam that my employer is doing wi…th our payroll checks.
7.65% from th employee and the employer pays the same amount on the employees behalf. Wages subject to FICA is defined slightly differently than for other purposes, so so…methings may be considered (or ignored) for FICA compared to your "salary". There is an upper limit for the SS portion - about $106,800 in 2009 I believe.
What is the total percentage of income that will be withheld from employee's paycheck for Social Security and Medicare taxes?
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. 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.
No The employer may not deduct taxes from your paycheck if you are under 18 unless you give them permission to do so, If they have done this to you make sure to talk to someon…e about it your entitled to get that money back.
Yes is the short answer but there are some guide lines to be followed. How Much of the Expenses Can You Deduct? You can deduct on Schedule A (Form 1040) only the …amount of your medical and dental expenses that is more than 7.5% of your AGI(Form 1040, line 38). In this publication, the term "7.5% limit" is used to refer to 7.5% of your AGI. The phrase "subject to the 7.5% limit" is also used. This phrase means that you must subtract 7.5% (.075) of your AGI from your medical expenses to figure your medical expense deduction.
No. method of payment does not change the taxability of the premium.
Probably the OASDI (FICA) (social security and medicare taxes) all mean the same tax. The maximum social security contribution limit is 6621 No limit on the amount of earn…ed income that is subject to the medicare tax rate of 1.45% of gross income. If you are a self employed taxpayer then you are responsible for all of your own FICA self employment taxes of 15.3% plus any income taxes on your net profit from your business operation at your marginal tax rate. For those with well above average income, the Federal income tax withholding may be far more than FICA; FICA is capped, but income tax is not.
Answer . This will depend upon several variables such as the State you live in, the amount of pay and your companies optional elections.\n. \nHere's few items that you can… almost always expect (unless you just make too little):\n. \n1. Federal Income Tax - This is based on a calculation that takes into account the frequency of your pay and the amount of the pay.\n2. Medicare - This is a set amount that will always be applied to your pay.\n3. Social Security - This is a set amount that will always be applied to your pay, however it does have an annual maximum.\n4. Insurance - If you company offers health insurance and you have agreed to the terms, generally a set amount will be applied.\n5. 401k, IRA, Retirement - If your company offers a type of retirement deduction program then this amount will be applied.\n6. Uniforms, loans, etc. - Some companies that require their employees to purchase uniforms will purchase the uniforms for the employee and then charge that amount back to them at a set amount per pay check. This can be also for employer granted loans and/or to pay back advances on previous pay.\n7. State Income Tax - Some stated have an income tax. If you live and/or work in a state that does, then this amount will be deducted as well.\n. \nIf you have deductions that you do not understand or do not think you have agreed to, then you should consult with your supervisor as soon as possible.\n. \nHope this helps.
Many taxes are deducted from your paycheck, but sales tax is not one of them. Sales taxes are collected by a merchant at the point of purchase of most goods and some services.… The merchant remits the sales taxes to the state on your behalf. Occasionally, you many not pay sales taxes at the time of purchase, as in when you make a purchase online from a merchant in another state. In those cases, you would owe a use tax to your state which is usually paid when filling out your annual state income tax return.