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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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Does The Medicare Payroll Tax Still Make Sense Forbes
Forbes Does The Medicare Payroll Tax Still Make Sense Forbes Happy Tax Day or, rather, Tax Day Eve, or the day after Tax Weekend. For some Forbes readers, it39s a day like any other, if you filed your taxes as early as possible to get your refund, or if your tax advisor is doing all of the heavy lifting. But

Tax Policy Is A Bore, Until They Take Your Social Security And Medicare Away ...
Los Angeles Times Tax policy is a bore, until they take your Social Security and Medicare away Los Angeles Times This agenda aims to asphyxiate the working class through the dismantling of the social insurance programs on which most Americans rely. But the tax tourniquet is a political creation, not an economic necessity. When compared with wealthy peer economies

Tax Day Comes With An Extra Task For The Selfemployed CNBC
CNBC Tax Day comes with an extra task for the self employed CNBC 1 lowered rates individual tax rates and created a 20 percent deduction for qualifying earnings for solo workers and other business entities that have so called pass through income, it doesn39t take much to owe the government. If you have net income Congrats, you filed your 2017 taxes. Now it39s really important to do one more thing.Washington Post Red Flags That Could Trigger An IRS Tax AuditForbes IRS to delay tax deadline by one day after technology collapseWashington Post IRS all 1,146 news articles raquo

How Will The Tax Bill Impact Medicare Augusta Free Press
Augusta Free Press How will the tax bill impact Medicare Augusta Free Press The Medicare and Medicaid spending accounts for nearly 1.25 trillion dollar which means that there is 30 of federal budget spent on it. So, with its decrease, it is likely that the medical department will suffer. This is how tax bill will impact and more raquo

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Facts of Law about the medicare tax laws

Facts of Law - Medicare Tax Law