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Is Social security tax and Medicare tax calculated on Discretionary bonus?
Wiki User
∙ 11y ago
I concur, this is still considered income earned from employment and includable in the SS tax base.
Yes, bonus payments, in fact virtually anything received of value, are the same as cash or any other income received from your employer for tax purposes. It is simply an 'Income' and therefore subject to income based taxes.
(Depending on your particular plan, it may or may not be available for 401k matching).
No - you didn't discover some strange loophole (because they don't exist) - like the calling a payment something other than salary makes it not income and not taxable! (If you did, it would be corrected by law and regulation in like 1 minute!)
Wiki User
∙ 11y ago
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Is social security a discretionary program?
The social security system is mandatory, not discretionary. You do not have the option of declining to participate.
What does the employee pay for social security and medicare?
It is calculated on a percentage basis of the gross income.
If you accept Medicare do you not get your social security?
Acceptance of Medicare has no effect on your eligibility for Social Security.
What does security discretionary mean?
The part of the federal budget OTHER THAN defense and national security and Social Security / MEdicare/MEdicaid / SCHIP. About 15-20% of the fed budget - the part many say is all that can be reduced.
Are social security and Medicare different from social welfare?
No! Both social security, medicare, and food stamps; are all forms of social welfare.
What does non-security discretionary spending mean?
The part of the federal budget OTHER THAN defense and national security and Social Security / MEdicare/MEdicaid / SCHIP. About 15-20% of the fed budget - the part many say is all that can be reduced.
What does discretionary spending mean?
The part of the federal budget OTHER THAN defense and national security and Social Security / MEdicare/MEdicaid / SCHIP. About 15-20% of the fed budget - the part many say is all that can be reduced.
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 Medicare sn?
It is your social security number
Is medicare an optional deduction?
Medicare, like social security is a mandatory deduction.
Medicare funds are collected by?
social security adminisration
Which is the largest entitlement program medicare food stamp social security or medicaid?
Social Security
