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%.
I get the impression that many Americans believe Medicare is financed like Social Security. They know that a portion of payroll taxes goes to Social Security and a portion goes to Medicare. So they conclude workers are paying for Medicare benefits the same way they are paying for Social Security benefits. That isnât remotely true, as new data from the Congressional Budget Office demonstrate. In 2010, payroll taxes covered a little more than a third of Medicareâs costs. Beneficiary premiums (and some other earmarked receipts) covered about a seventh.