Medicare Tax means:
the hospital insurance portion of the tax assessed on compensation and self-employment earnings under the Federal Insurance Contributions Act. Medicare tax is an amount paid by individuals during the period in which they earn wages for purposes of providing them with […]
Description and Definition of Medical Savings Account (MSA) A tax favored medical savings account (MSA) is intended to help the self-employed and employees of certain small businesses that employ 50 or fewer workers save for and pay their medical expenses that are not covered by health […]
Description and Definition of Medical Expenses Your and your dependents expenses for health care that were reasonable and necessary and not reimbursed by insurance or another plan. Expenses include those for doctors, dentists, hospitals, transportation to medical care, prescriptions, and […]
Medicare is. one of five programs under the Social Security System in which hospital and medical insurance coverage is provided to those who qualify. It is run by the Health Care Financing Administration, although the Social Security Administration takes applications for Medicare, assists […]
Description and Definition of Meals and Entertainment Meals and entertainment, such as the cost of taking a client to a restaurant, may be 50 percent deductible in your business. If they meet certain exceptions they may be 100 percent deductible. Resources See Also Further Reading Meals and […]
Medicare Continuation is. one of four specific incentives under the Social Security disability program to encourage disabled workers to return to work. Under this incentive, the disabled worker's Medicare coverage will continue for 39 months beyond the trial work period. If the Medicare coverage sto…
About Member of Household: for purposes of the dependency exemption, a person who has lived with the taxpayer for the entire tax year….
Memorandum Opinion means:
a decision of the U.S. Tax Court that is often given less weight than a regular decision. Memorandum opinions are not officially published, but are released individually by the court. The chief judge makes the decision as to whether or not a case is to be officially publ…
Medicaid means:
a health insurance program designed for people who have low incomes and limited assets, and usually run by state welfare or human service agencies. A person may qualify for both Medicare and Medicaid or for only one of these programs….
Medigap Policy means:
a type of health insurance policy designed to cover the areas that are not covered under Medicare. Examples of noncoverage areas targeted by Medigap policies are the deductibles under the Medicare insurance policy, coinsurance amounts specified in the Medicare insurance poli…
Medicare Hospital Insurance means:
a type of federally administered insurance, also referred to as Medicare Part A. A monthly premium is not required in order to receive this coverage if the worker or his or her spouse is entitled to benefits under either the Social Security or Railroad Retiremen…
Medicare Medical Insurance means:
a type of federally administered insurance, also referred to a Medicare Part B. Part B is optional, and a monthly premium is required in order to receive this coverage. It is offered to all beneficiaries when they enroll in Part A. Medicare medical insurance help…
Medical Expense Deduction means:
an allowable itemized deduction by an individual for unreimbursed payments for medical care, prescription drugs, and medical insurance premiums. The deduction is limited to the amount that exceeds 7.5% of the taxpayer's
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Merger means:
an A type reorganization, in which one corporation absorbs the corporate structure of another, resulting in liquidation of the acquired enterprise. If no boot is received, the reorganization is tax free.Term generally used to describe a number of operations involving the reorganizat…
The Medical Care are. amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body, for transportation for and essential to such medical care, and medical insurance premiums. IRC (check Categories , M Leave a comment