Medicare

Wage Settlement From State

April 10, 2012
form 1040

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Today TaxMama® hears from Ken in the TaxQuips Forum with this happy news. “Several years ago I worked for a company that ran out of money and couldn’t make payroll. I continued to work for several months with the promise that the wages would be paid. Eventually, I requested a layoff and left the company. [...]

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Paying Double SS Tax

March 14, 2012
Social Security Card

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Today TaxMama® hears from Stanton in the TaxQuips Forum with this scenario. “A person by June 2012 will have earned $110,200 as an employee, with the maximum Social Security deducted. Then that person becomes an independent contractor for the balance of 2012. Is this person subject to the SS tax for the additional compensation over [...]

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Imputed Wages

June 3, 2009

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Today TaxMama hears from Vicki in Washington State, with this quick question. “Does imputed income affect Social Security and Medicare taxes as well as federal taxes?” Share this:

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Social Security and Medicare Changes for 2009

October 17, 2008

The Social Security Administration and Department of Health & Human Services have announced the new amounts for 2009. SOCIAL SECURITY CHANGES Social Security benefits increase 5.8% for 2009. The amount of earnings subject to Social Security taxes increases from $102,000 for 2008 to $106,800 for 2009. The amount of earnings required in order to receive [...]

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Expensive Part B

August 28, 2008

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Today TaxMama hears from Judy in Iowa who is perplexed, “I recently retired and have Medicare part B. I am being charged the high premium for part B because of my husband’s earnings, which are several times over what my earnings are. I signed a prenuptial 26 years ago and support myself and am now [...]

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Teen Withholding

June 4, 2008

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Today TaxMama hears from Tia in Michigan who tells us. “I’m 17 years old with a job at Burger King. How much money is taken out of my check due to taxes?” Share this:

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Issuing Corrected W-2s

May 15, 2008

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Today TaxMama hears from Yvonne in Utah, with this question. “I work in the mortgage industry. Recently, I was provided a W2 from a customer that had the Medicare and Social Security withholdings crossed out, with the corrected amounts typed in. The business that issued the W2’s is small, and they indicated that they had [...]

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New Form for Employees Misclassified as Independent Contractors

March 7, 2008

In 2007 were you an employee whose employer paid you as an independent contractor? Employees usually receive a Form W-2 while independent contractors usually receive a Form 1099-MISC. Generally, a worker who received a Form 1099 for services provided as an independent contractor must report the income on Schedule C and pay self-employment tax on [...]

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Disability Income

May 7, 2007

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Today TaxMama hears from Sal, who tells us. “In the year 2006 an employee of a non profit social service organization located in New York State received third-party sick pay directly from an insurance company. A separate W-2 showing the sick pay was issued to the employee. It shows no Federal, State or Local withholding [...]

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