However, Social Security (SS) and Medicare taxes are still withheld and applied to all earned income, including bonuses. QuickBooks Desktop (QBDT) Payroll calculates these withholdings automatically based on IRS regulations, which require SS and Medicare taxes irrespective of income destination, includin...
However, even if therapy will no longer drive Medicare reimbursement, that does not mean skilled nursing facilities should cut therapy staff. You will still need to document therapy minutes on each MDS. In addition, therapy staffing levels are captured on your Payroll-Based Journal (PBJ) reporting...
True or False. 1) In the real world government spending is independent of income levels. 2) Most Americans actually pay more to Social Security/Medicare than income taxes. 3) Excise taxes are proportional because everyone pays the same amount. 4) Tax ...
As you may already know, S Corporation enjoy a tax advantage that can save their shareholders a considerable amount of money. They are allowed to decide how much of their income from the S Corporation that they are going to call payroll. The rest escapes social security and medicare tax. Fo...
David was pretty fortunate in that the only reason the IRS didn’t shoot for a higher number is that it would not have done them any good. The years in question were 2002 and 2003, when both social security and medicare taxes were capped. In more recent years medicare has no cap so ...
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