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For the employee, it's 241.28, and there's a like amount paid by the employer.
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Which of these terms forms lists the amount of medicare taxes that were paid during the year?
You can find the amount that you paid in Medicare tax on your W-2 form that you receive at January of the following year. The amount of Wages the tax was based on is listed in Box 5 and the tax paid is in Box 6. Medicare tax is imposed upon all wages paid to an employee. Social Security Tax is limited to the first $110,100 for 2012 and $113,700 in 2013. The Medicare tax is imposed on all wages earned.
What is the Medicare tax rate?
The medicare tax amount that is withheld by the employer is 1.45 % of all earned income. And the employer matches the 1.45 % for a total of 2.9 % form the employee medicare tax. The self employed taxpayer pays 2.9 % for the medicare tax on all of the net profit from the business operation.
What is the limit on earnings subject to a medicare tax deduction?
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).
Is medicare both paid by employees and employer?
Yes each pay the 7.65% of the social security and medicare tax amount.
What is the 2008 social security tax base?
=== === The maximum amount of wages subject to Social Security tax for 2008 is $102,000. There is no limit on the amount of wages subject to Medicare tax.
What is the fica tax rate?
6.2% for the employee, and an identical amount for the employer (not including Medicare)
What is the factor tree 16640?
16640 8320,2 4160,2,2 2080,2,2,2 1040,2,2,2,2 520,2,2,2,2,2 260,2,2,2,2,2,2 130,2,2,2,2,2,2,2 65,2,2,2,2,2,2,2,2 13,5,2,2,2,2,2,2,2,2 2^8 x 5 x 13 = 16640
When do you stop paying FICA for the year?
The maximum amount of wages subject to the FICA-Social Security tax for 2009 is $106,800. There is no limit on the amount of wages subject to the FICA-Medicare tax.
What is the tax rate for the OSADI portion of social security?
The withholding amount by the employer from your earnings that are subject to the old age survivors disability insurance is 7.65% for the social security and medicare tax amount and the employer matches that amount for a total amount of 15.3%. When you have one employer the amount of FICA Old Age Survivor and Disability Insurance for your social security would stop once your wages with the withheld social security amount reach 106800 and social security amount withheld would be 6621.60. You do NOT have any cap LIMIT on the MEDICARE insurance contribution amount. The Employer Medicare 1.45% and the employee 1.45% the total medicare insurance amount of 3.9% will continue to be paid on all of you wages that are subject to the medicare insurance tax. For a self employed taxpayer the amount would be 15.3% on the net profit from the business operation.
Employer pay MEdicare tax?
Employer and employee each contribute the 1.45% amount for the medicare insurance on all of your gross earnings for the year. The combined amount is would be 2.9% on all of your gross earning for the year.
What is the maximum income one can earn and still keep medicare?
For 2009 and 2010 ALL of your qualified gross earned income will be subject to the medicare insurance tax amount.
Can medicare tax be deducted from tax return?
I am not finding an answer to my question---Are the premiums on my medicare supplement tax deductable? Please help!
