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When calculating my tax refund and I am asked to enter the amount of federal taxes paid does that also include withholdings for medicare and social security?
Wiki User
∙ 14y ago
No. Only INCOME Tax estimated or wittholding...payments made toward INCOME tax that you are calculating. By the way, Medicare/SS are considered insurance payments.
Wiki User
∙ 14y ago
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What are withholdings?
Withholdings are funds that are deducted from an employees paycheck for taxes as well as for payment of benefits that the employee is responsible to pay. As far as withholdings of taxes, there is the employee share of Social Security and Medicare Taxes as well as the withholding of federal, state, and local income taxes. The withholdings are not payment of the income taxes but a payment toward whatever their income taxes might be. The employee will file a tax return after the end of the calendar year at which time the years withholdings will be prepayment of the tax owed on the return. If the withholdings are more that the tax is then the taxpayer will receive a refund but if the withholdings for income tax are not enough then there will be a balance due from the taxpayer that they have to pay.
What is one of the largest Federal Budget Expenditures?
Social Security
Who pays the Congresspersons' salaries?
Congress' salaries are paid for from the general revenues collected by the federal government. Since the United States only collects revenues (taxes) through various income taxes (including the withholdings for Medicare and Social Security), Congress is in effect paid by taxpayers.
What are the five largest federal expenses?
income security, social security and medicare, national defense, net interest.
Major items in the federal budget?
social security medicare/medicade defence federal retirement military retirement
What is Federal Insurance Contributions?
Law that requires workers to contribute to social security and medicare.
Is used by the federal government to support Social Security and Medicare programs?
idek rt
What is California Aggregate Disposable Earnings?
California Aggregate Disposable Earnings are the mandatory withholdings (listed below) that are deducted from the gross earnings first. Then the child support is computed on the balance, (this is the disposable earnings) not to exceed 50% of the disposable earnings. Federal mandatory withholdings are: Federal Tax withheld, State tax withheld, Retirement, Social Security tax, Medicare tax, State Disability Insurance, Union dues if required to be employed and any administration fees charged to disburse the garnishments.
How do you reconcile medical insurance payments against withholdings?
In the US, Medical Insurance Premiums deducted from your paycheck is not taxed by Federal, State, or Social Security taxes so these amounts would excluded for the purpose figuring tax withholdings. Is this close to what you are looking for?
Is medicare considered fica tax on pay stub?
Yes, FICA (Federal Insurance Contributions Act) is the combination of Social Security and Medicare taxes.
Can you apply medicare even you live in the other state?
Medicare is a Federal program; you apply thru the Social Security Administration. It doesn't matter where you live.
What are Romney and Obama debating about on October third?
Heathcare, social security, education, medicare, federal regulations
