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Under federal wage law, employers are supposed to withhold and send income, Social Security and Medicare taxes to the IRS.
For a certain time period, these individuals are not subject to Social Security and Medicare taxes on their pay.
The employer is also liable for Social Security and Medicare taxes, says Jeffrey Berdahl, a certified public accountant with RLB Accountants in Allentown, Pa.
This year also marked the beginning of new Medicare taxes enacted as part of the patient Protection and Affordable Care Act, which targets earned and investment income of high-income individuals.
These new Medicare taxes, coupled with the slated expiration of the George W.
They include the Bush-era federal income tax cuts, the payroll tax holiday that lowered Social Security and Medicare taxes, and several remaining stimulus tax cuts that all go away Jan.
Medicare taxes are expanded and a new levy is created.
Historically, Federal Insurance Contributions Act (FICA) taxes, which include social security and Medicare taxes, have been levied exclusively on earned income such as wages, salaries and net self-employment income.
Businesses are obligated to withhold income, Social Security and Medicare taxes from an employee's wages; pay the employer's share of Social Security, Medicare and unemployment taxes; and provide workers' compensation insurance coverage.
ROUGHLY 1 MILLION INDIVIDUALS EARNING MORE than $200,000 and roughly 4 million couples filing jointly who make more than $250,000 can expect to pay higher Medicare taxes, according to the congressional Joint Committee on Taxation.
The collection of FICA and Medicare taxes is much more obscure.
The IRS announced on December 20, 2007, that it has developed a new Form 8919, Uncollected Social Security and Medicare Tax on Wages, that allows employees who have been misclassified as independent contractors to report their share of uncollected Social Security and Medicare taxes.
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