47000 times 7.65 % the amount of FICA would be 3595.50.
FICA taxes, which include Social Security and Medicare taxes, are withheld from earnings in most cases. They are not deductible on a federal tax return. You will only see some of that money again when you collect Social Security or Medicare.
Neither Medicare nor Social Security is going to help you with these expenses. However, you might be eligible for Medicaid.
An employee with a employer would have 7.65% withheld from from gross earnings. 21899.77 X .0765 = 1675.33 social security and medicare taxes.
Acceptance of Medicare has no effect on your eligibility for Social Security.
Medicare ensures persons over age 65 and persons who meet Social Security's definition of permanently and totally disabled, who also have 40 quarters of earnings credits.
Medicare ensures persons over age 65 and persons who meet Social Security's definition of permanently and totally disabled, who also have 40 quarters of earnings credits.
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 Social Security tax, you would pay 6.2% of $47,000, which is $2,914 annually. For Medicare tax, you would pay 1.45% of $47,000, which is $682.50 annually. In total, you would pay $2,914 + $682.50 = $3,596.50 per year to FICA.
No! Both social security, medicare, and food stamps; are all forms of social welfare.
The letter A following your Social Security number on documents like Medicare cards indicates you are drawing benefits based on your own earnings, rather than a spouse's or another family member.
Your wife earnings will NOT be counted as a part of your earnings for the social security earnings test.
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.