Podcasts about medicare taxes

Social Security recipients will see a bigger-than-usual cost-of-living adjustment, or COLA, in their monthly benefits beginning in January. WSJ retirement reporter Anne Tergesen joins host J.R. Whalen to discuss how inflation factors into it and how the increase could impact retirees' taxes.  Learn more about your ad choices. Visit megaphone.fm/adchoices

If you're working for yourself you not only pay income tax but you pay all of the Social Security and Medicare Taxes that an employer would share the cost of. This can feel like a big burden as you figure up your tax bill quarterly. In this episode, Zach and Ben talk through, what things actually reduce your Self-Employment Taxes (it isn't everything), how to plan your business thoughtfully to lower your lifetime tax bills, and why focusing on your business goals may be the secret to getting past the stress of writing the check to the IRS.Do you have suggestions for episodes? Reach out to Zach or Ben with your question at:ZAshburn@ReachStrategicWealth.comBen@GuideFP.comThe Dollar Derail is intended for general information and entertainment purposes only and should not be considered investment, tax, or legal advice or as a recommendation for the purchase or sale of any security. Zach is the founder of Reach Strategic wealth and Ben is the founder of Guide Financial Planning, 2 unaffiliated fee only Registered Investment Advisors.

In this episode Bill welcomes special guest Bill Kizer to talk about Medicare and Taxes.

We’re very excited to bring you this special episode of our Wine Down Show from the Secure Your Retirement podcast. We sit down with real individuals and listeners of the podcast to talk about multiple topics from previous episodes… all while enjoying a glass of wine! What can be better than that? In this episode, we started with two special guests, Lynn Senior and Fran Martin, but due to technical difficulties, Lynn was unable to join us for a large part of the conversation. Nonetheless, Fran took the torch and led the way in what has been one of my favorite episodes of the Wine Down Show so far. We discuss everything from Medicare to navigating taxes, transitioning from corporate to self-employed (and semi-retirement), and Fran shares some wise words that she would tell her 20-year-old self. It’s a wonderful conversation packed with beneficial insights that will help anyone who is in retirement or preparing to make that transition very soon. So, let’s take some time to sit down with a glass of wine (or beverage of your choice) and listen to some fantastic insights.  In this episode, find out: Why recent events in the world have made Fran want to discuss finances and money management with her family The limitations of 401(k) and asset allocation What Fran thinks about Medicare and why she finds it so confusing to navigate What Fran’s overall experience was like when she signed up for Medicare Why you should seek guidance for Medicare as you approach 65 What Fran learned about taxes from our interview with Tom Turner How a CPA can help you save money on taxes What Fran wishes she did differently in her early 20’s knowing what she knows now Transitioning from a corporate role to self-employed and semi-retired Tweetable Quotes: “I think it's a great thing to have someone help you navigate Medicare.” “I have my own business now, and I'm retired too. So, the tax CPA that I use is really helping me to invest some of that money and put it into retirement.” “Pay attention to money management because it makes a difference.” Resources: If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement! To access the course, simply visit http://pomwealth.net/podcast (POMWealth.net/podcast). To receive our free book, Get Off the Retirement Rollercoaster, leave a 5-star rating review on Apple Podcasts and send a screenshot to morgan@pomwealth.net.

Episode 19 A. SE, SS, Medicare Taxes B. Tax Advocate Service C. 2020 Retirement Numbers For more information, please call Ron or Jeff at 833-568-8999 toll-free, and please visit https://firstcalltaxadvocates.com/

Dennis Prout and Heidi Thompson discuss Social Security and Medicare Taxes in this episode.  Tune in to understand options to consider in this current economy.

Healthcare is an increasingly important topic, from policy changes to rising costs. Lots of questions swirl around this topic such as, why is planning for healthcare so important, what options exist for those with no coverage, how does Medicare work and what should one know before enrolling? Today's guest: Emily Lau, UBS Wealth Planning Specialist. Host: Anthony Pastore -- Social Security Administration Website: ssa.gov -- February 2019 Urban Institute -- Social Security and Medicare Taxes and Benefits Over a Lifetime, June 2018.

At some point, Social Security will impact your life. It should therefore play a significant role in your retirement income plan. Today we dive into why social security is important and everything you need to know. Featured is Benjamin Cahn, UBS Wealth Planning Specialist. Host: Anthony Pastore This presentation is for informational and educational purposes only and should not be relied upon as investment advice or the basis for making any investment decisions. The views and opinions expressed may not be those of UBS Financial Services Inc. UBS Financial Services Inc. does not verify and does not guarantee the accuracy or completeness of the information presented. In providing wealth management services to clients, we offer both investment advisory and brokerage services which are separate and distinct and differ in material ways. For information, including the different laws and contracts that govern, visit ubs.com/workingwithus. Social Security Administration Wesbite: ssa.gov. February 2019 Urban Institute. ?Social Security and Medicare Taxes and Benefits Over a Lifetime,? June 2018. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

In this episode, Gordon goes solo and kicks off the show discussing his DNA results and how it is that time of the year again. You guessed it, taxes!  We learn about self-employment taxes and how to withhold things from your check. Then, Gordon explains Social Security and Medicare taxes and why you may need to consider sales and franchise taxes. Later, Gordon reveals when starting his business he invested in QuickBooks to assist with his payroll, taxes, and expenses. How Income Tax Is Different For The Self-Employed Most people are aware that they need to pay income tax. However, in addition to income tax, we also have to pay Social Security tax and Medicare Tax. If you get a pay stub, you will notice that it is broken down for you. It's usually 3-line items plus other deductions from your pay, such health insurance, and retirement benefits. What most people are unaware of though is that employers are required to pay half of your Social Security and Medicare Tax that is due. This part is not deducted from your paycheck. It is an expense for the employer; regular employment is taxed very different from self-employment. 15.3% of what you earned is automatically taxed across the board. As an employee, your employer pays half of that. Social Security Currently, the Social Security tax is 12.4% of your earnings. If you are employed you are only deducted half of that, 6.2% and the employer pays the other half.  When you are self-employed, you have to pay the full 12.4% on your net profit. (I'll explain this later) Medicare Currently, the Medicare tax is 2.9% of your earnings. Like Social Security, you are only deducted half of that; 1.45% and the employer pays the other half. For those that are self-employed, you pay the full 2.9% of your net profit. (Again, more on that later.) So for people that are self-employed, they are required to pay a minimum of 15.3% of the net profit their business each year just for Social Security and Medicare Taxes.  In addition to this, you are required to pay income tax based on your tax bracket and withholding allowances. The Good News and Bad News Of It So the good news about being self-employed is you only pay taxes on your profit as a business.  You have probably heard from many people that you can “deduct” business expenses. This means that any legitimate business expenses (rent, telephones, office supplies, travel for continuing ed, utilities, etc.) can be “deducted” from your total income. Then you only pay tax on the amount after those deductions have been subtracted (aka, profit). Remember Gross Income – Expenses = Profit (or Net Income)?  You only pay taxes on the profit. Here's an example. Total practice income for the year = $50,000.00 Total practice expensed for the year = $25,000.00 Net Income is then = $25,000.00 Social Security & Medicare Tax would be  $25,000.00 x 15.3% = $3825.00 Then, you would also owe income tax on whatever your tax bracket and standard allowances are. So in this example, for a married person filing the tax jointly is 10% (based on 2019 tax table). $25,000 x 10% = $2,500.00 So total tax owed for the year would be $2500 + $3825 = $6325.00 Of course, everyone's tax situation is going vary based on tax credits and allowances given for things like child care, college tuition, student loans, etc.  Those are other things you can deduct for depending on your situation. So even in this example, your total tax could (and probably will be less. AGAIN, CONSULT WITH A TAX EXPERT TO KNOW WHAT YOUR SITUATION WOULD BE! Resources Mentioned Full disclosure: Some of these links are affiliate links.  This simply means that if you use these links to purchase the product or service we receive a commission, at no extra cost to you.  Thanks for using these links! Practice Solutions Money Matters in Private Practice FreshBooks QuickBooks Accounting Templates for Google Sheets Take advantage of the pre-launch of the Money Matters in Private Practice Course! Get the entire course for 50% off during the pre-launch. >>Enroll Here

In the 1970s it became clear no matter how much we spent on healthcare it was never enough. Although Medicare was less than 5 years old, Congress was forced to hike Medicare Taxes 25% and still the optimistic estimates of the cost of the program were running out of control.  More doctors and more lawyers entered the fray and expenses rose more. New procedures, new technologies and again costs rose still more. Lives got extended, diseases of the elderly became more prevalent, and prices rose even more. The people’s expectation of what healthcare should cover changed drastically and the new, now, entitlement coverage was expanded. Even though the costs were ten times what were predicted less than 10 years earlier Congress expanded the program to provide more coverage at more expense. The system was failing, and a flailing government began to make changes. HMOs, PPOs, Managed Care; more new terms and ideas entered our lexicon, but as you will see, none brought the rising cost curve down.