Medicare Tax

(redirected from Medicare Taxes)

Medicare Tax

A certain percentage of wages or salaries used to finance Medicare. Employees are required to contribute 1.45% of their income to pay for Medicare, with no income limit. Employers are required to make matching contributions for each employee.
References in periodicals archive ?
For an employee, you must withhold income taxes and pay social security, medicare taxes and unemployment tax on wages paid.
Social Security and Medicare Taxes- Most employers also withhold social security and Medicare taxes from employees' wages and deposit them along with the employers matching share.
The ACA includes a number of taxes on industry groups and people along with Medicare taxes for high earners that helped fund coverage expansion.
Social Security and regular Medicare taxes on wages or salary: Social Security and regular Medicare taxes are collected together as part of the Federal Insurance Contributions Act (FICA) tax.
Under federal wage law, employers are supposed to withhold and send income, Social Security and Medicare taxes to the IRS.
Under the Patient Protection and Affordable Care Act of 2010, new Medicare taxes are imposed starting in 2013.
The employer is also liable for Social Security and Medicare taxes, says Jeffrey Berdahl, a certified public accountant with RLB Accountants in Allentown, Pa.
An employer has the option of withholding the employee's share of Social Security and Medicare taxes from the employee's wages or paying both from the employer's funds.
These new Medicare taxes, coupled with the slated expiration of the George W.
The company eventually agreed to pay Medicare taxes on the proceeds, but no additional taxes, and later declared bankruptcy.