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During your working life, you pay Medicare tax out of your paycheck. That tax pays for your Medicare Part A (hospitalization). When you turn 65 and enroll in Medicare, you can choose to enroll in Part B (medical/doctor's office). The premium for Part B for 2009 is $96.40 per month (if you make less than $85,000.00 per year) which is automatically deducted from your Social Security check.

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15y ago
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14y ago

Because that is how Congress decided to pay for the Medicare program.

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Q: Why is Medicare taken from your paycheck?
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Social security amd medicare are taking out of your income as taxes?

Yes. Social Security and Medicare are taken out of your income before you see your paycheck. Your employer also pays an additional Social Security and Medicare tax to your account.


What is fica-mc on my paycheck?

The FICA -MC on your paycheck is a reference to the deduction for Medicare. The Medicare deduction should be 2.9 percent of your total earnings.


Do you pay both income tax and self employment tax because you are self employed?

Yes. The "self-employment tax" is actually the Social Security and Medicare tax. If you work for someone else, you would have Social Security and Medicare tax taken out of your paycheck and your employer would match the amounts that were taken out. When you are self-employed, instead of having these amounts taken out of your paycheck, you pay both the employee and the employer share directly to the government.


Does the medicare tax deduction from a paycheck cover both part a and b?

No


What is a paycheck?

A paycheck is the money received when working a business. The paycheck will include the amount they have earned after taxes have been taken out.


What is paycheck?

A paycheck is the money received when working a business. The paycheck will include the amount they have earned after taxes have been taken out.


If you are a minor do you get federal taxes taken out of your paycheck?

Yes. At the same rates as anybody else. (There are some special treatments for children who work as household employees or who work for their own parents.) Of course, if you paycheck is very small and you fill out your W-4 properly, you may not have income taxes taken out because of the size of your check, not because of your age. You would still have Social Security and Medicare taxes taken out.


What percentage is taken out of paycheck for Medicaid in Texas?

Hard for some to believe, but Texas joined the US some while ago. As such, the Federal laws there, like tax and SS or medicare, are the same as the rest of the country.


How much medicare tax should be held your of the paycheck of a 65 year old person?

The Medicare tax is the same for all employees, regardless of age.


What is the total percentage of income that will be withheld from any employee paycheck for social and Medicare taxes?

7.65


What percent is taken out of paycheck in Connecticut?

27%


How much money will be taken out of my paycheck for income taxes if I get paid minimum wage?

Working through a financial calculator will help to show the value taken out of your paycheck. This website provides a calculator to view what you should expect can be taken out of your paycheck http://www.moneychimp.com/features/tax_brackets.htm