I'm not familiar with the legislative history behind this. However, one explanation would be that although there is a maximum Social Security benefit, there is no maximum Medicare benefit.
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.
Yes each pay the 7.65% of the social security and medicare tax amount.
At the end of the year you will get a statement from Social Security. It will have the amount of money you received, for the year, from Medicare.
=== === 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.
The same amount that it would be in any other state. 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.
$2,513. Is this before deductions are taken out for Medicare and Advantage plans?
Medicare is not means tested; eligibility is not based on income or assets. Medicaid eligibility standards vary somewhat by State.
That's probably the gross amount.
I would say no. Social Security payments depend on your lifetime employment payments. Medicare in health benefits help by the government. An inheritance, depending upon how much it is, might effect your income taxes, depending upon the amount.
For the year 2008 the amount was Social Security Limit $102,000 and the Maximum Social Security Contribution was $6,324.00. The date today is July 27 2010 and the following would apply for the year 2010. When you have one employer the amount of FICA ((OASDI) 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 on the MEDICARE insurance contribution amount.
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.
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.