What is the Medicare Tax Rate?

The Medicare tax rate is the percentage of your paycheck that is taken out to help fund Medicare. There is a Medicare tax for employers as well as for you, and both pay 1.45% for a total of 2.9%. Medicare withholdings are taken out of your paycheck directly, and everyone pays them in order to continually fund the Medicare program, which provides health insurance to U.S. residents over the age of 65.

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UPDATED: Jan 25, 2022

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