Here’s what you need to know about Medicare taxes.
The Medicare tax is what’s known as a type of payroll tax. It’s paid by both employers and employees, so it’s your responsibility to withhold the correct amount from the salaries of your employees. You also need to make a matching contribution.
The Federal Insurance Contributions Act (FICA) is made up of a combination of Social Security and Medicare.
FICA differs from income taxes because it’s a flat tax of 15.3%… Read the rest