To calculate how much you and your family will pay into Medicare each paycheck, take your estimated weekly/bi-weekly/monthly pay and multiply it by .0145. If you make $1,000 per week, you will be paying $14.50 each week in Medicare taxes. Your employer will also be paying an equal a...
Medicaid is funded by the federal government and each state. The federal government pays states for a share of program expenditures, called the Federal Medical Assistance Percentage (FMAP). Each state has its own FMAP based onper capita incomeand other criteria. The average state FMAP is 57%, ...
Social Securityis complicated for many reasons, not the least of which is the way it’s funded. Most ofSocial Security’s incomecomes from a dedicated 12.4%payroll taxthat’s evenly split by employees and employers, with the workers’ part deducted from each paycheck. If you’reself-employed...
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