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Medicare Taxes

Businesses should review their key payroll tax responsibilities

Federal Income Tax, Federal Unemployment (FUTA Tax, FICA, Local Taxes, Medicare Taxes, Payroll Tax, Social Security Tax, State Income Tax /

As a business owner, you know that running payroll involves much more than just compensating employees. Every paycheck represents a complex web of tax obligations that your company must handle accurately and consistently. Indeed, staying compliant with payroll tax rules is essential to maintaining your business’s reputation and avoiding costly penalties. That’s why it’s essential […]

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How the Social Security wage base will affect your payroll taxes in 2026

Employees, FICA, Medicare Taxes, Payroll Tax, Self Employment Tax, Social Security, Social Security Tax /

The 2026 Social Security wage base has been released. What’s the tax impact on employees and the self-employed? Let’s take a look. FICA tax 101 The Federal Insurance Contributions Act (FICA) imposes two payroll taxes on wages and self-employment income — one for Old-Age, Survivors, and Disability Insurance, commonly known as the Social Security tax,

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Your guide to Medicare premiums and taxes

Medicare Premium Tax Deduction, Medicare Taxes, Modified Adjusted Gross Income (MAGI), Pass Through Taxation, Self Employed, Tax Return /

Medicare health insurance premiums can add up to big bucks — especially if you’re upper-income, married, and you and your spouse both pay premiums. Read on to understand how taxes fit in. Premiums for Part B coverage Medicare Part B coverage is commonly called Medicare medical insurance. Part B mainly covers doctors’ visits and outpatient

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Self-employment tax: A refresher on how it works

Medicare Taxes, S Corporation, Self Employed, Self Employment Tax, Small Business, Small Business Owners, Social Security Administration /

If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. SE tax basics The maximum 15.3% SE tax rate hits the first $168,600 of your 2024 net SE income. The

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The nanny tax: What household employers need to know

Child Tax Credit, Federal Income Tax, Federal Unemployment (FUTA Tax, FICA, Medicare Taxes, Nanny Tax, Social Security /

Hiring household help, whether you employ a nanny, housekeeper or gardener, can significantly ease the burden of childcare and daily chores. However, as a household employer, it’s critical to understand your tax obligations, commonly called the “nanny tax.” If you hire a household employee who isn’t an independent contractor, you may be liable for federal

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2024 Q2 tax calendar: Key deadlines for businesses and employers

2024 Tax Deadlines, Corporations, Federal Taxes, FICA, Medicare Taxes, Quarterly Estimated Tax Payments, Small Business, Small Business Owners, Social Security & Medicare (FICA) taxes, Taxes 2024 /

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing

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The Social Security wage base for employees and self-employed people is increasing in 2024

Employees, Federal Taxes, Medicare Taxes, Self Employed, Self Employment Tax, Social Security, Social Security & Medicare (FICA) taxes, Taxes 2024 /

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basic details. The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed

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Use an S corporation to mitigate federal employment tax bills

Federal Employment Tax, FICA, Medicare Taxes, S Corporation, Self Employed, Self Employment Tax, Small Business, Social Security Tax /

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the painfully high rate of 15.3% on the first $160,200 of net SE income. This includes 12.4% for Social Security tax and 2.9% for Medicare tax.

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When can seniors deduct Medicare premiums on their tax returns?

Itemized Deduction, Medicare Premium Tax Deduction, Medicare Taxes, Qualified Medical Expenses /

If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially for married couples with both spouses paying them. But there may be an advantage: You may qualify for a tax break for paying

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You may be liable for “nanny tax” for all types of domestic workers

Domestic Workers, Federal Income Tax, Federal Unemployment (FUTA Tax, Form SS-4, Medicare Taxes, Nanny Tax, Social Security & Medicare (FICA) taxes, Sole Proprietors /

You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employees (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a

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