Medicare is financed by the Social Security Administration. So, taxpayers fund Medicare by paying 1.45% of their earning into Federal Insurance Contributions Act. (FICA). Employers bring in 1.45%. If you’re self-employed, you have to pay 2.9%.
Medicare is financed by the Social Security Administration. So, taxpayers fund Medicare by paying 1.45% of their earning into Federal Insurance Contributions Act. (FICA). Employers bring in 1.45%. If you’re self-employed, you have to pay 2.9%.
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