Too Young For Medicare ... Ask TaxMama ... July 2, 2004

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Published by Eva Rosenberg, MBA, EA
Volume 6, Issue 265 July 2, 2004


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Too Young For Medicare

» From: DeMotte, IN

Dear TaxMama:

Do I have to have medicare taken out of my wages?

I'm 47 and a single mom who needs all the extra money right know I can get.

Thank you.

Therese

Hi Therese,

You have my sincere understanding.

But, you have no choice in this matter. (Well, there are one or two obscure religions that opt-out of Social Security entirely - but you can't opt back in.)

See if your employer offers any cafeteria plan type benefits where some of your child care, medical and education expenses can be paid before tax.

You'll spend money on the same things you're spending right now - but, you won't pay any Social Security, Medicare or income tax on that money - it comes off the top of your wages.

If you're employer thinks they're too small to offer such plans, they're not. They save all that money too - and on worker's compensation, and other expenses that are computed as a percentage of payroll. So their costs are more than covered by the taxes they save.

Ask nicely. If they think it's too complicated, their payroll service probably offers the option.

If it doesn't, tell them payroll.com or paychex.com do.

Just a thought to help you.

Best wishes,

Eva Rosenberg
Your TaxMama

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