The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: Higher Medicare premiums for Top 25%||Date: 4/14/2013 8:21 PM|
|Author: JAFO31||Number: 72033 of 82749|
<<<I am curious has to how you calculated "your" total payments to Medicare.>>>
"I got them off my annual Social Security statement."
It has been awhile since I looked at mine, so I did nto recall that Medicare was separately spefified.
"In my specific case, my income over 40 years was quite "lumpy"....especially after 1990....and yes, I did have some large income after that date. More than that level of detail, I don't feel inclined to disclose on a public forum."
I have no problem with not wanting to disclose financial details in a public forum. I do assume, however, that the large income you reerence was "earned income" subject to FICA and Medicare tax and not dividends, interest or other unearned income not subject to FICA and Medicare tax.
As I understand it, you were the owner of the business and had some control over how to structure the funds you received, some of your current income is coming from the sale of the business, which I suspect is capital gains and not subject to 1.45% Medicare tax on earned income, though it may count as income for purposes of calculating the annual costs you pay for Medicare.
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|