Dependency status on the FAFSA is different than dependency status on federal income tax returns. It doesnât matter whether or not your parents claim you as a dependent (exemption) on their federal income tax return. Being a dependent on a tax return doesnât affect your dependency status on the FAFSA. The opposite is also true. Being a dependent on the FAFSA doesnât affect your dependency status on your parentsâ tax return.
Ultimate guide to retirement. Medicare is funded by the Social Security Administration. Which means it's funded by taxpayers: We all pay 1.45% of our earnings into FICA - Federal Insurance Contributions Act, if you're into deciphering acronyms - which go toward Medicare. Employers pay another 1.45%, bringing the total to 2.9%.
For Medicare, your employer deducts a 1.45 percent tax from all your earnings (there's no ceiling) and matches it. Once you become self-employed, you'll have to pay both the employer and employee shares of Social Security taxes on your earnings â a total of 12.4 percent of your covered earnings in 2015. You'll also pay a total of 2.9 percent Medicare tax on all your earnings.