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Summary: An employer pays 2.9 percent on an employee's wages in terms of Medicare, and half of that is withheld from the employee's paycheck. Check the W-2 for Medicare withholdings with help from a tax bookkeeper in this free video on Medicare taxes.
Ken Lewellyn is co-founder of Tennessee Business Services, Inc., a Tennessee bookkeeping, tax and consultant firm which provides bookkeeping, tax and business advisory services to...read more
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"We're here to talk about how to calculate the amount of Medicare taxes withheld from your pay. In essence the; your employer pays 2.9 percent on your wages in terms of Medicare. So if for every, for every hundred dollars the employer would pay two dollars and ninety cents in Medicare. Half of that is withheld from your check so technically you're paying half of it and the employer pays half of it. We'll take a look at a W2. If you notice in this box right here it shows Medicare withholdings and if you do the calculations you'll notice that they have withheld half of the 1; 2.9 percent, half of that would be 1.45 percent of the gross number on over here has been withheld and it is showing it as box, box number 6. But if you want to check it to make sure it's correct again take 1.45 percent of your gross income and that should be what the number is."
eHow Article: How to Calculate Medicare Taxes Withheld
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