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Medicare Tax

The Medicare program was instituted by Congress as a health insurance program for the elderly and disabled.  It is paid for by employers and employees through the Medicare tax on an employee's income.

The Medicare tax along with Social Security under FICA, the Federal Insurance Contributions Act, is based upon income and is withheld from the employee's income and paid by the employer directly to the government.

The Medicare program is growing out of control because of the large number of baby-boomers reaching retirement age, the increasing cost of healthcare and the fact that people are living longer.  The program alone is a huge portion of the federal budget and Congress is unwilling to take the hard steps necessary to put this program on a sound financial footing.  Medicare taxes alone don't even come close to funding Medicare which has a shortfall in the trillions of dollars.

 

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Beware: Medicare Surcharges Can Change Throughout Year Based On Latest Tax Re...
InvestmentNews Beware: Medicare surcharges can change throughout year based on latest tax return InvestmentNews Other permissible reasons to appeal an IRMAA surcharge include life changing events such as marriage, divorce, widowhood, retirement or loss of income producing property that occurred since the latest available tax return. One time events that boost a

Gigjob Workers Had Better Beware Of Payasyougo Tax Payments CNBC
CNBC Gig job workers had better beware of pay as you go tax payments CNBC Independent workers should be paying estimated taxes every quarter. Yet a survey suggests most of them don39t. and more raquo

Robb: Tax Reform Doesnapost Threaten Social Security And Medicare AZCentral.com
AZCentral.com Robb: Tax reform doesn39t threaten Social Security and Medicare AZCentral.com The Congressional Budget Office projected that, before the tax bill was enacted, the federal debt would grow by 11 trillion over the next 10 years with existing policy. So, without the tax bill, the federal debt would grow to 31 trillion. With the Ask SAM: How are bonuses calculated in income taxWinston Salem Journal all 24 news articles raquo

Trump May Not Sign The Tax Bill Until 2018 To Avoid A Medicare Disaster Mark...
Markets Insider Trump may not sign the tax bill until 2018 to avoid a Medicare disaster Markets Insider Trump may delay the signing of the tax bill until January 3, due to the PAYGO Pay As You Go provision. Since the tax bill adds to the debt, PAYGO would automatically trigger a 25 billion cut to Medicare to offset that new debt unless Congress waives Why Trump Might Wait Until January to Sign Tax Reform BillFortune The GOP Tax Bill Trump Just Signed Shows Republicans For Who They Really AreNewsweek Fact check: Who39s telling the truth about new tax planThe Mercury News WCVB Boston Washington Post all 1,923 news articles raquo

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Facts of Law about the medicare tax laws

Facts of Law - Medicare Tax Law