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Video instructions and help with filling out and completing Additional medicare tax withholding
Instructions and Help about Additional medicare tax withholding
In this presentation we will take a look at the calculation for Medicare tax for more accounting information and accounting courses visit our website at accounting instruction dot info here we are on the payroll register we have our two employees Bill and Pam we have over here the regular pay the overtime pay and then the total earnings when looking at the calculation for Medicare we're going to be looking at the earnings for Medicare which could differ from the earnings for the total earnings so remember when we look at the total earnings that's of course the regular pay and the OT pay when we start to calculate the payroll taxes then we may have to adjust the earnings for example fi T is going to be reduced possibly by things like a 401k plan or a retirement plan and a cafeteria plan the OASDI or Social Security is going to have a cap which is the major component as well as possibly being reduced by something like a cafeteria plan the H I which is part of FICA is going to be different than the OASDI or the Medicare will differ from the OASDI and in this case there's no cap so that's the major difference between the two types of wages in for the FICA taxes so for the H I wage we're going to reduce it just by the cafeteria plan the difference then between the Medicare wages here and the total earnings up here will be the cafeteria plan so in this example then the seven 56.5 total earnings minus the 500 6.5 medicare earnings is 250 that then would be the cafeteria plan here like the health insurance type plan so that's going to be the major difference that could be there between total earnings and the H I or Medicare earnings note that that's different from the OASDI which has this cap which is a major component of the OASDI or Social Security now we'll do the calculation we're going to start with the total here and calculate the total for the employer and employee portions of H I or Medicare and then we'll go back and calculate each individual component and see that they will line up the same way so first we're gonna take the total if we take the total H I three thousand nine ten thirty five times the rate 1.45% or 0.01 four or five we get two fifty six dollars and seventy cents if we do that for again for the employer portion h i wages times the point one point four five or 0.01 four or five gives the 56:17 then if we add those two up we come up with the one thirteen forty so this is the employer and employee portion we can come up with those same numbers if we do this by an employee by employee basis bill and Pam bill and Pam respectively so we'll take the 506 fifty.