Taxes, Medicare
What is it? Payroll taxes that fund the federal governments Medicare health care insurance program for people 65 and older. Unlike the portion of payroll taxes that go to Social Security, Medicare taxes are levied on your full income. Employees and employers must each pay 1.45% of compensation. The self-employed must pay the entire 2.9% but can deduct half of the tax as a business expense on their tax return.Added By: Ashlyn
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