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 ?
Thus, if the payments of accrued compensation are made in the year the employee died, the employer must withhold Social Security and Medicare taxes and pay any applicable FUTA tax.
For Social Security and Medicare taxes, Internal Revenue Service announcement 92-16 (IRB 1992-5) says wages do not include amounts paid by an employer for a 2% shareholder for medical and hospitalization expenses--provided these are paid under a plan for all employees or for a specific class of employees.
Military pay for service in a combat zone is subject to Social Security and Medicare taxes, however.
It also would require additional amounts to be accrued for salary related payments associated with the future payment of compensated absences (for example, the employer's share of Social Security and Medicare taxes).
The tips have been correctly reported on the club's payroll tax reports and appropriate Social Security and Medicare taxes have been paid.
For example, there are income taxes, social security taxes, Medicare taxes, excise taxes, gasoline taxes, gift taxes, estate taxes, generation-skipping transfer (GST) taxes, etc.
There are two ways such a plan reduces taxes: First, the employer and the employee need not pay their portions of payroll taxes (i.e., Social Security and Medicare taxes) on the amounts reimbursed.
Both the taxpayer and the spouse work as employees, and a supplemental schedule is provided for each that discloses federal taxable wages, federal withholding, Social Security taxes, Medicare taxes, and, possibly, state tax withholding.
Most of the growth in Illinois was attributed to growth in "net earnings" -- the amount of money workers take home after Social Security and Medicare taxes are deducted.
A federal grand jury in the Eastern District of Wisconsin indicted Susan Wenszell in June on15 counts of failing to account for and pay federal income taxes, Social Security taxes and Medicare taxes that she had withheld from her employees' paychecks.
That is, an average-earning male will receive $ 1.05 in Medicare Part A benefits for every dollar paid in Medicare taxes, and a high-wage earning male will only receive 77 cents for every dollar he paid in Medicare taxes.
<br />From 2010 to 2015, Teemco deducted and withheld federal income taxes, Social Security taxes, and Medicare taxes from wages of Teemco employees.