There is no income threshold for Medicare taxes. While the 6.2% Social Security tax is only deducted from the first $106,800 of gross income, you continue paying 1.45% for Medicare on all wages earned.
Medicare, like social security is a mandatory deduction.
Medicare, like social security is a mandatory deduction.
It's either Social Security, or a combination of Social Security and Medicare. Paycheck deduction statements may combine the individual FICA deduction for Medicare and Social Security into one deduction and call it "Retire". Rest assured that it's not YOUR retirement, and you'll never see that money again.
For 2012, the Social Security (FICA) deduction is 6.2%; the Medicare deduction is 1.45%, for a total of 7.65%. The employer pays the same percentages.
For 2012, the Social Security (FICA) deduction is 6.2%; the Medicare deduction is 1.45%, for a total of 7.65%. The employer pays the same percentages.
For 2012, the Social Security (FICA) deduction is 6.2%; the Medicare deduction is 1.45%, for a total of 7.65%. The employer pays the same percentages.
The FICA deduction [since 1990] is 6.2% for employees and 6.2% for employers and is the principal funding source for Social Security benefits.
Social security
According to www.nfb.org ... "The Medicare medical Insurance (Part B) premium, which is $93.50 per month in 2007"
You would contact 1-800-MEDICARE and inform them that you are still working or you do not wish to begin your Social Security, but need Medicare. They will then determine if you are eligible, and if so, you can arrange to pay your bill outside of the deduction from social security. Usually payment is monthly or quarterly.
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In most years, your employer will deduct the following from your paycheck: Social Security: 6.2% of your gross pay Medicare: 1.45% of your gross pay However, in 2011 Obama signed into a law a "payroll tax holiday" as part of the continued effort to stimulate the economy. For 2011 only, the social security tax coming out of your paycheck is 4.2% instead of 6.2%, meaning that this year you will take home more money than you would in a "normal" year. Your employer matches these amounts too -- they pay another 6.2% for social security, and another 1.45% for Medicare. Under the payroll tax holiday, only your portion of social security is reduced to 4.2% -- your employer is still paying 6.2% of your pay into social security for you.