BEAM Wealth Advisors, Inc. Scott Bordelon, CFP®, AAMS®, BFA™, AIF® Chief Investment Officer 72096 Ramos Ave., Ste. D Covington, LA 70433 800-256-5221 x102 FAX 888-453-5977 sbordelon@beamwealth.com www.beamwealth.com
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Social Security and Medicare Tax Estimator | Social Security and Medicare Tax Estimator
This calculator estimates the Social Security and Medicare taxes payable by you on your wages as an employee,
the Social Security and Medicare taxes payable on your self-employment income, the portion of your
self-employment tax that is deductible on your federal income tax return, and the Medicare contribution tax payable
on your net investment income. If you select a tax-filing status of married filing jointly, these calculations
are made for both you and your spouse.
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"Your Spouse" entries used only if tax-filing status is married filing jointly.
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Enter total income that is subject to income tax. If you are a citizen or resident of the United States living abroad, include the foreign earned income here that is generally excludable from gross income for income tax purposes.
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Enter total amount of above-the-line deductions (e.g., alimony paid, IRA deduction), except do not include the deductible part of the self-employment tax--it will be calculated.
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Enter the amount of your net investment income (in general, taxable interest, dividends, income from annuities, royalties, rents, capital gains, income from a passive activity, and income from a business that trades financial instruments or commodities, as offset by income tax deductions allocable to such investment income).
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If you select a tax-filing status of married filing jointly, the inputs for both you and your spouse are used and Social
Security tax and Medicare tax are calculated for both you and your spouse. If you select any other filing status, the
"Your Spouse" inputs are not used.
The calculator reduces the self-employment income entered by the employer portion of the self-employment tax by
multiplying the income by 92.35%. If the result is less than $400, the calculator assumes the self-employment income
is not subject to tax.
Social Security wages and self-employment income above an annually inflation-adjusted limit are not subject to
Social Security tax (but are subject to Medicare tax). Social Security wages reduce the limit for self-employment income.
This calculator includes the additional 0.9% Medicare tax on Social Security wages and self-employment income in
excess of a threshold based on your tax-filing status.
This calculator includes the 3.8% Medicare contribution tax on the lesser of (a) net investment income, or (b) modified
adjusted gross income exceeding a threshold based on your tax filing status.
This calculator estimates the income tax deductible part of self-employment tax (an adjustment to income) as equal to
one-half of Social Security tax and one-half of Medicare tax other than the additional tax on certain high-wage earners.
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Investment Advice offered through BEAM Wealth Advisors, Inc., an SEC Registered Investment Advisory Firm. Securities offered through Purshe Kaplan Sterling Investments, member FINRA/SIPC, headquartered at 80 State Street, Albany, NY 12207. BEAM Wealth Advisors, Inc. and Purshe Kaplan Sterling Investments are separate entities and not affiliated companies. This newsletter should not be considered as providing tax or legal advice, while tax and legal matters are often discussed. This information has been provided from sources and data believed to be reliable but is not guaranteed by your advisor, BEAM Wealth Advisors, Inc. or Purshe Kaplan Sterling Investments. This newsletter is provided by BEAM Wealth Advisors, Inc. and should not be construed as investment or tax advice. For specific advice, please contact us for an appointment. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) or investment strategy that may be appropriate for you, consult your financial adviser prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.
This communication is strictly intended for individuals residing in the state(s) of AL, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NV, NH, NJ, NY, NC, ND, OH, OK, OR, PA, SC, TN, TX, UT, VA, WA, WI and WY. No offers may be made or accepted from any resident outside the specific states referenced. |
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2024. |
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