What is medicare taxes

what is medicare taxes

What are some special tax deductions for seniors?

Full Answer

Taxes supporting Medicare are withheld from employee pay at a set rate every tax year, according to the IRS. These funds pay for the Medicare program's health coverage of senior citizens and other groups. Payment of Medicare taxes does not guarantee eligibility for the program, and specific guidelines exist for gaining access to Medicare benefits. Generally, US citizens over the age of 65 are the primary beneficiaries of this program designed to provide health care for the elderly and disabled. The program reimburses health care providers for health care costs.

Related Questions

Where can someone find a list of 2014 tax deductions?

Both the Internal Revenue Service and Intuit TurboTax websites contain a list of current-year tax

deductions and credits. These deductions are available for both individual and business taxpayers.

What key adjustments did the IRS make to tax deductions for 2014?

Federal tax deduction adjustments for tax year 2014 include an increase in the standard deduction amount for all filing statuses, according to the IRS. Additional changes include an increase in the personal exemption and an increase in the Earned Income credit.

Where can you get instructions for the IRS 1040EZ tax form?

The IRS 1040EZ tax form and instructions are available on the Internal Revenue Service (IRS) website. The instructions are included as part of the 1040EZ document, which can also be found at many local libraries and post offices.

How do you change your address with the Internal Revenue Service?

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