FOR IMMEDIATE RELEASE
(September 27, 2019) – The Medicare Tax in the United States is known as a kind of payroll withholding tax. It is paid both by employees and employers. So, people, who belong to both these categories, will be interested in learning about this tax. This is where File My Taxes Online provides comprehensive information on this tax.
As compared to employees, employers are more responsible as they will have to withhold the right amount from the salaries they pay to the working force. Further, they are also responsible for a matching contribution.
When talking about this tax, File My Taxes Online says “The Federal Insurance Contributions Act (FICA) is made up of a combination of Social Security and Medicare. FICA differs from income taxes because it’s a flat tax of 15.3% per year.”
Employers might be thinking about whether they should bear this tax on all types of incomes. For them, File My Taxes online suggests that practically every kind of compensation is eligible for Medicare.
In addition to providing these details, File My Taxes Online talks about Medicare Taxes Funding, Current Tax Rate for Medicare, Additional Medicare Tax, Paying and Reporting Medicare Taxes and also Medicare Taxes for self-employed individuals.
About File My Taxes Online:
File My Taxes Online is a web-based advice and tax information publisher.
For more information, please visit https://filemytaxesonline.org/what-is-medicare-tax/
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