TheMedicare taxrate is 1.45% for the employee and 1.45% for the employer for a total of 2.9% in 2023 and 2024.5Employers are responsible for withholding the 0.9% Additional Medicare Tax on an employee's wages that exceed $200,000 in a calendar year for an individual and $250,000 for ma...
The regular Medicare tax is withheld from an employee’s gross pay without limit at the rate of 1.45% of gross pay. In our example, Sam’s regular Medicare tax for the year is $4,350 ($300,000 X 0.0145). Jones Corporation must match the regular Medicare tax withholding and therefore ...
IRMAA then is also applied, such that if the individual’s income is above a certain limit, hold harmless does not protect them. So we have 3 groups that are not protected by the hold harmless rule: those who start Medicare Part B in the current year those who were enrolled in ...