What are these taxes for?
2006-10-16 07:57:41 · 7 answers · asked by videogamer1979 2 in Business & Finance ➔ Taxes ➔ United States
Those are your contributions to Social Security (OASDI) and Medicare (MED). The MED figure should be 1.45% of your gross pay (but remember to deduct anything taken out of your pay for your employers health plan). The OASDI figure will be 6.2% of the same figure unless you are earning more than about $90,000 per year. you should ensure these are deducted each paycheck. If they are not you will get fewer benefits than you anticipated when you retire.
2006-10-16 08:06:47 · answer #1 · answered by skip 6 · 9⤊ 2⤋
Fed Med Ee
2016-10-30 11:03:12 · answer #2 · answered by ? 4 · 0⤊ 0⤋
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Fed MED/EE means Federal Medicare Employee Employment Tax. Fed OASDI/EE means Federal Old Age Disability Insurance Employee Employment Tax. You are not getting cheated, just about everybody that has a job on the books contribute to this tax. On the Fed OASDI/EE you are taxed 6.2% of your gross pay unless it is over $90,000 annually. On the Fed MED/EE you are taxed 1.45% of your gross pay unless you earn over $90,000 annually. Also your employer has to match the tax paid for on the Fed MED/EE and Fed OASDI. You contribute 7.65 % and the company contributes 7.65% which is not included on the paycheck. I hope this answers your question.
2016-03-24 13:18:01 · answer #3 · answered by ? 4 · 0⤊ 0⤋
During tax season when calculating your Fed withholding s, Do you add Fed MED/EE and Fed OASDI/EE with your Fed withholding as one lump sum or just use the Fed Withholding?
2016-03-13 23:46:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Fed MED/EE is the employee (EE) Federal Medical Insurance When you retire, you'll get some of that back to help pay for medical coverage.
Fed OASDI/EE is the employee Federal Old Age Survivors Disability tax, which is also known as the Social Security tax. When you retire, you'll get some of that back to help pay for bills.
All employee's pay these taxes...no way around it.
2006-10-16 08:05:33 · answer #5 · answered by Anonymous · 4⤊ 2⤋
I'm already retired from the Military, why should I continue paying for either while I'm working still?
2015-08-27 04:45:32 · answer #6 · answered by Robert 1 · 0⤊ 0⤋
this is totally ridiculous, there are just a lot of deductions! will this be deducted per paycheck? or once a month?
2015-02-23 04:52:47 · answer #7 · answered by Joan Kristel 1 · 0⤊ 0⤋
I pay medicare each month. I'm 77, how is that coming back to me bull
2014-09-05 23:28:25 · answer #8 · answered by DANIEL 1 · 3⤊ 1⤋
The more common terms are Social Security and Medicare.
2006-10-16 13:15:12 · answer #9 · answered by STEVEN F 7 · 5⤊ 0⤋
I have never had any of these on my paycheck till now on my new job.
2015-08-01 00:09:49 · answer #10 · answered by Cameron 1 · 1⤊ 0⤋