Medicare and other income tax deductions..
Hello,
I have recently started working in NYC and have received my first few paystubs and I have a few questions about my deductions. Firstly, I can see a deduction of just under $100 a month for Medicare and I believe this is for a sort of health insurance for once you reach 65 and over. Since I am 28 years old and don't plan on retiring in the US (I am on a 3 year work visa), can I opt out of these deductions? I would much rather this cost go in to my current healthcare plan. Secondly, when I filled out my W2 form, I mentioned I was married and that we would file as a joint entity as I am the only one currently working while my spouse searches for a job. Does this mean I am paying more/less tax at all? Also, can I change this when my partner gets a job? I know in the UK we have tax codes - is there a way to check that you are being checked the correct amount? I have also been told that everyone in the US files their own taxes and I am to get myself a CPA which I am not so used to but that in my industry (fashion) we can keep receipts for relevant expenses that can be deducted when filing the tax return and thus perhaps get a rebate. What kind of expenses are deductible? Are there any helpful websites on this? Thank you, D. |
Re: Medicare and other income tax deductions..
Nobody paying Medicare will get their money back 40 years down the line, that I feel pretty certain about. I think the last I saw it will be bankrupt in 10 years.
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Re: Medicare and other income tax deductions..
Originally Posted by Boswortha
(Post 11998884)
Firstly, I can see a deduction of just under $100 a month for Medicare and I believe this is for a sort of health insurance for once you reach 65 and over. Since I am 28 years old and don't plan on retiring in the US (I am on a 3 year work visa), can I opt out of these deductions? I would much rather this cost go in to my current healthcare plan.
Secondly, when I filled out my W2 form, I mentioned I was married and that we would file as a joint entity as I am the only one currently working while my spouse searches for a job. Does this mean I am paying more/less tax at all? Also, can I change this when my partner gets a job? I know in the UK we have tax codes - is there a way to check that you are being checked the correct amount? I have also been told that everyone in the US files their own taxes and I am to get myself a CPA which I am not so used to but that in my industry (fashion) we can keep receipts for relevant expenses that can be deducted when filing the tax return and thus perhaps get a rebate. What kind of expenses are deductible? Are there any helpful websites on this? |
Re: Medicare and other income tax deductions..
You can think of Medicare in the same way as the NHS, universal healthcare, but only for those 65 and older, and those that work are taxed to pay for for those currently on Medicare, just like your taxes in the UK pay for the folks currently getting healthcare through the NHS.
You will also see "FICA" taxes being deducted. This is for your your OAP, called Social Security in the USA. If you don't work and pay into it for 10 years (40 quarters) you won't qualify, so those are also taxes which you probably won't benefit from personally but cannot get out of. |
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