Employee portion of medicare tax, Basic Statistics

Employee portion of Medicare tax

Medical health insurance tax is also taken out from a worker's wage or income and is equaled by participation from the company. In other terms, the company is accountable for remitting to the administration two periods the quantity of Medical health insurance tax taken out from each personnel. As a result, Medical health insurance tax is both a personnel retaining and a company cost. (The Medical health insurance program helps pay for medical center health care, breastfeeding health care, and physician's charges for people age 65 and older as well as for some individuals getting Public Protection incapacity benefits.)

The mixture of the Public Protection tax and the Medical health insurance tax is generally known as FICA (a phrase for Government Insurance Contribution Act).

A company must hold 1.45% of each worker's yearly income and wage for Medical health insurance tax. As opposed to the Public Protection tax, this amount is used on every worker's complete wage no matter how large the wage might be—an executive's wage of $300,000 has Medical health insurance tax withholdings of $4,350 (the entire $300,000 periods 1.45%).

The quantity withheld—and the company's related amount—are revealed as a current obligation until the volumes are remitted to the got by the company.

Expertsmind.com offers unique accounting assignment help

Posted Date: 3/31/2012 4:19:48 AM | Location : United States







Related Discussions:- Employee portion of medicare tax, Assignment Help, Ask Question on Employee portion of medicare tax, Get Answer, Expert's Help, Employee portion of medicare tax Discussions

Write discussion on Employee portion of medicare tax
Your posts are moderated
Related Questions

An audit of the accounting records of Loch Ness Ltd. for the year ending 30 June 2012 discovered that the ending inventory balance was over-valued by $35,000

The Stalk Market, an independent grocery chain, has been serving and supporting local communities for over 90 years. Its stores offer friendly service and a wide assortment of natu

Preamble For the assignment you have been given brief background details of a research project and you are required to produce a portfolio of short reports. Portfolios are to b

All Excel output should be copied into a single Word document where you must enter all of your responses to the questions below. Format the document professionally so it flows well

#question.questionnaire on drug abuse, its implication on youth educational achievements.

Discuss the role that racism played in public policies related to urban housing throughout the twentieth century. Did this racism manifest itself solely on an individual level (i.e


If q=2,TP=450 and AP=225, what is MP. How can I figure out what my marginal product will be?

what is the advantages of face-to-face interview?