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What would the Social security and medicare taxes be for a self employed person who earns 452 per week?
Wiki User
∙ 15y ago
A self-employed person pays the employee portion (7.65%) plus the employer portion (7.65%) for a total of 15.3% or $69.16 per week, $3,596.11 for the year. However, as most things tax...it isn't as simple as that. Taxable Social Security wages are calculated and include, or exclude, different things than Income Tax, or FUTA Tax, or employer expense...etc. So depending on what benefits and other things you get, or what benefits you have to contribute to, your SS Taxable wage almost always varies from what your actual payroll is.
Wiki User
∙ 15y ago
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What federal taxes does a self-employed person have to pay?
Self-Employed people have to pay income tax just like everyone else, plus self-employment taxes which are basically Social Security and Medicare taxes. A self-employed person will have to pay all of the Social Security and Medicare taxes since they don't have an employer. When you work for someone, the employer pays for half of the Social Security and Medicare taxes in addition to other taxes like federal and state unemployment taxes and other items depending on the state and city you are located in.
Is Self employment tax included in the normal federal income tax bracket for the self employed or is it separate?
Self-employment tax is separate from income tax. Self-employment tax is actually the Social Security and Medicare taxes on self-employment income. The tax rate for Social Security is 12.4%. The tax rate for Medicare is 2.9%. When you are employed by another person, one-half of your Social Security and Medicare taxes are withheld from your gross wages. The other half is paid by your employer. When you are self-employed, you are both the employee and the employer, and must pay 100% of the Social Security and Medicare taxes due on your self-employment income. These taxes often come as a major shock to the newly self-employed. SE income is usually calculated on Form 1040 Schedule C. SE tax is calculated on Form 1040 Schedule SE. More information: http://www.irs.gov/businesses/small/article/0,,id=98846,00.html
What money amount of social security can a person draw and get Medicare and Medicare?
Medicare is not means tested; eligibility is not based on income or assets. Medicaid eligibility standards vary somewhat by State.
Can a person who did not contribute through wage deductions still claim SS disability benefits?
NO WAY. You can only qualify for social security insurance benefits by contribution to the social security insurance program either through wages OR from being a self employed taxpayer and contributing to the The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax for social security benefits (SSB or SSDI). All mean the same thing.
What conditions qualify a person for medicare besides old age?
The only possibility for Medicare before age 65 is if you are under Social Security disability. Even then not everyone in that category is eligible.
What disadvantage would be experienced by a person applying for their social security benefits at age 62?
When you apply for social security at the age of 62, you are not going to be able to get your full retirement amount. You are also not eligible for Medicare at this age.
What is the telephone number for the Medicare fraud hotline?
Medicare BenefitsType Benefits External 800-MEDICARE (800-633-4227) TollFree 800-MEDICARE (800-633-4227) Medicare ClaimsType Claims/EOBs External 800-999-1118 TollFree 800-999-1118 Medicare BenefitsType Benefits External 800-MEDICARE (800-633-4227) TollFree 800-MEDICARE (800-633-4227) Medicare ClaimsType Claims/EOBs External 800-999-1118 TollFree 800-999-1118
How does a mentally disabled person get Medicare?
Once you have been receiving Social Security Disability for 24 months, you can apply for Medicare. Take a look at the Medicare and You 2009 book for details: http://www.medicare.gov/Publications/Pubs/pdf/10050.pdf
Can resident alien receive social security and medicare when never employed in the us?
There are four types of social security benefits - retirement, disability, survivor and SSI (supplemental security income). Retirement and disability benefits are only available to people who worked in jobs covered by social security (for example, most government employees aren't covered by social security but most private sector jobs are). A resident alien can receive survivor benefits as the surviving spouse or child of a covered person. SSI makes payments to disabled, low income people, these benefits are unrelated to employment history. A resident alien can receive SSI, if they qualify. Medicare benefits are also unrelated to employment history. A resident alien that has legally resided for 5 years in the U.S. can receive Medicare benefits
Can one have ssi and AARP too?
Yes, one can have SSI and AARP at the same time. A person might collect social security benefits including Medicare and could have AARP as a secondary insurance with those Medicare benefits.
How much social security tax money should be taken out of an income of 20000.00?
The total Social Security tax on $20,000 is actually divided into two kinds of tax, FICA and Medicare taxes. The tax is also collected by two different payers, the employer and employee each pay half. FICA tax is 6.20% each and Medicare tax is 1.45% each. For $20,000 the total of the two taxes is $1,530 for the employer and the same amount for the employee. For a self-employed person, he/she pays both sides for a total of $3,060.
If a person works past retirement age and collects social security while they work do they continue to pay into social security and medicare?
Yes, and their benefit can get higher as time goes on, because it is based on their highest 35 years of earnings, put in today's dollars.
