Medicare tax
Healthcare funding withholding
Medicare tax is a U.S. payroll tax that funds Medicare, the federal health insurance program for people 65 and older.
Employers and employees each pay a percentage of wages; self-employed individuals pay both portions.
Unlike Social Security tax, Medicare tax applies to all earned income without a cap.
High earners pay an additional Medicare tax on income above a threshold.
- FICAFederal wage withholding law
- withholdingKeeping from another
- take home payEarnings after all deductions
- wage earnerPaid labor participant
- Social SecurityFederal old-age insurance program
payroll · paycheck deduction · pay stub · hospital insurance · income tax · tax return · trust funds · entitlement programs · retirement age · Medicaid · IRS · employer contributions · safety net programs · government assistance · healthcare subsidies · premium payments · out of pocket · welfare programs
- taxessales tax, income tax, estate tax, excise tax, corporate tax
- chargesfees, surcharges, levies, service charges, service fees
- Federal TaxesIRS, tax return, tax refund, Form 1040, 1040
- federal revenuefederal taxes, tax revenue, revenue collection, tax collection, IRS
- payroll costssalaries, bonuses, overtime pay, payroll taxes, commissions
- Payroll Taxespayroll tax, payroll taxes, withholding tax, federal withholding, FICA
Medicare, medical, medic, medicine, medicinal, medicate, medication, taxation, taxable