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Video instructions and help with filling out and completing Medicare surtax 2022
Instructions and Help about Medicare surtax 2022
I welcome the easy payroll guy my name is Karen Hutchinson and in this video we're going to talk about how to calculate Medicare taxes Medicare taxes are also imposed on the employer and the employee the employer and the employee will split this tax so one point four five percent is withheld from the employees paycheck and pay to the IRS on behalf of the employee the other one point four five percent is paid by the employer so two point nine percent is paid to the IRS in Medicare taxes half of which is paid by the employee and the other half which is paid by the employer let's just take a quick scenario and this will be the same scenario that we calculated in the above video for Social Security we have an employee who is five thousand dollars in taxable wages this time we're going to calculate the Medicare expenses the employee portion of Medicare is one point four five percent which is point zero one four five if we multiply that by five thousand dollars we end up with a total of seventy two dollars and fifty cents the employer portion is another seventy two dollars and fifty cents which means that the total Medicare payment should be a hundred forty five dollars which again you can write at that amount by multiplying five thousand by point zero to nine which is two point nine percent so when you pay your 941 taxes either monthly or semi-weekly if this were the amount that you were paying on you would pay one hundred forty-five dollars in Medicare taxes you would remit the full amount you would remit the employee portion and the employer portion all at the same time but just remember that this tax is paid by both the employee and the employer what about a maximum wage limit unlike Social Security taxes there is no maximum wage limit so you will be taxed on all taxable wages so therefore Medicare is pretty easy to calculate two point nine percent one point four four five percent by employee and one point five four percent by employer I hope this helps you to calculate your Medicare taxes.