Social Security and Medicare
Federal Tax Calculator
As part of the great big tax bill you are required to pay each year are some funds that go directly to benefiting your future. Social Security and Medicare are two components of your tax bill that are looking out for your own good wellbeing. Your income tax portion that you can use the TurboTax Calculator to calculate is for our government to squander recklessly as they do so well. You know I'm getting irritated just thinking of it... lol
The Medicare tax is no doubt a necessity with soaring health insurance costs and no end in sight for the ridiculous medical charges that go along with that. These Medicare Payment can be justified for that reason.
TurboTax Video Tutorial: Find Your AGI For Medicare
Now Social Security is what keeps you in survival mode when you loose your job, or get injured and can't work. It's a costly tax to pay, but again a good benefit to have if, or when you need it.
So there you have it, whether you like it or not, you need to pay your Social Security and Medicare taxes for your own benefit.
Social Security Medicare Tax Calculator
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What To Know About Medicare, In a Nutshell
This is a Government health insurance program for those who are 65 years of age or older. Certain people who are younger may qualify for Medicare as well under certain circumstances.
When you apply for Medicare, you can sign up for Part A (Hospital Insurance) and Part B (Medical Insurance). You must complete form CMS 40-B, Application for Enrollment in Medicare - Part B (Medical Insurance), and submit it to your local Social Security office to enroll.
Eligibility arrives at age 65, and the initial enrollment period begins three months before your 65th birthday, and ends three months after your birthday. However, if you didn't enroll in Medicare Part B in the initial enrollment period, you have an opportunity to do so each year during the “general enrollment period” from January 1 through March 31. For more info, visit https://www.ssa.gov/pubs/EN-05-10043.pdf.
What To Know About Social Security In A Nutshell
To apply for Social Security, you can use the online retirement application from the comfort of your own home. Generally, once your application is submitted electronically, you're all set. In most cases, there are no forms to sign and no documentation required.
TurboTax Video Tutorial: What Is Social Security Tax
Here's what you need when applying for Social Security
- Social Security number
- Date and place of birth
- Social Security number and birth date of current and former spouses
- Dates and places of marriage, and dates of divorce or death
- Names of any unmarried children under 18, 18-19 and in secondary school or disabled before age 22;
- Your bank routing and account number
- Your citizenship status
- Has anyone ever filed for Social Security, Medicare or Supplemental Security Income on your behalf
- The month you want your benefits to begin
- Employment information
You may also apply by calling the national toll-free number
1-800-772-1213 (TTY 1-800-325-0778)
Or by visiting your local Social Security office. Call for appointment.