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Kiddo 1
New Member

Medicare cost

Does the new tax law change the Medicare costs

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3 Replies

Medicare cost

The Medicare Part B premiums are adjusted annually.

 

Go to this website for the current (2023) Medicare costs - https://www.medicare.gov/basics/get-started-with-medicare/medicare-basics/what-does-medicare-cost

LoriC17
Expert Alumni

Medicare cost

Hello,

This depends on what you are considering medicare cost. 

The amount that Social Security charges for medicare is not within the IRS guidelines. That information can be found on the Social Security website and documentation received in mail.

 

For Social Security and Medicare withholding rates that continues to be 6.2% for Social Security and 1.45% for Medicare. Employers are responsible for withholding the .9% additional Medicare Tax on wages in excess of $ 200,000.00. The wage base limit for social security tax in 2023 is $160,00.00

 

I hope it helps, please let us know if you have any additional questions.

Enjoy your day!!

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marctu
Employee Tax Expert

Medicare cost

Great question.  See this part of the Medicare website (https://www.medicare.gov/) for details on current prices:  https://www.medicare.gov/basics/get-started-with-medicare/medicare-basics/what-does-medicare-cost.

 

This question is generally beyond the scope of Turbo Tax assistance, so you can explore all the areas of the Medicare website for further details.  

 

 

 

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