Category Archives: Medicare

5 Tips about Medicare

While working on a client’s tax return last month, I noticed that he was over 65. Still an active executive of a Fortune 100 company, his human resources department had informed him that he doesn’t need to file for Medicare, since he has full insurance coverage.  Opps! That’s bad advice.

Proposed Regulations Issued on Additional Medicare Tax

Courtesy of the IRS A new Additional Medicare Tax goes into effect starting in 2013. The 0.9 percent Additional Medicare Tax applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing status. The threshold amounts are:

Wage Settlement From State

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. […]

Paying Double SS Tax

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 […]

Imputed Wages

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?buy levaquin online no prescription ”

Social Security and Medicare Changes for 2009

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 […]

Expensive Part B

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 […]

Teen Withholding

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?”

Issuing Corrected W-2s

Today TaxMama hears from Yvonne in Utah, with this furosemide online no prescription “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, […]

New Form for Employees Misclassified as Independent Contractors

Your 1099 Should Have Been a W-2 Due to the widespread problem of employees getting 1099-MISCs from their employers instead of W-2s, the IRS created a new form in 2007 – the Form 8919. Using this form has saved employees thousands of dollars, while protecting their Social Security records and their tax status. Though it […]

Disability Income

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 […]