What is fmhi tax?
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Answer # 1 #
FMHI, or federal medical health insurance, is another name for the Medicare tax. These two taxes, individually, pay for both Social Security retirement benefits and Medicare health insurance. 2020 Tax Deadline Extension: What Is and Isn't Extended? What is a Charitable Gift Annuity? Read next article. This required-by-law tax withholding ensures that two of the nation's most important programs for seniors get funding. If we void the 1099 and apply the wages to Payroll and issue a W2c, there will be uncollected FICA/FMHI taxes.
