What is Additional Medicare Care tax?
Medicare tax rate is 1.45% for salaried individuals. An equal amount is contributed by the employer. So aggregate deposit on behalf of an employee is 2.9 % of gross wages. In the case of a self-employed person, the Medicare tax rate is 2.9 % of net income.
However ,in 2013, an additional Medicare tax @ rate of 0.9 percent on wages, compensation, and self-employment income received in the taxable years was imposed on people earning above a threshold income. An easy additional medicare tax calculator is created to find out if and how much additional tax you are liable . The logic for computation of additional medicare tax is explained below the tax calculator.
Additional Medicare Tax Calculator
Logic Used for Medicare Tax Calculator
This additional medicare tax is imposed only if
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