Taxable wages and/or self-employment income under the prevailing annual maximum taxable limit.
Tag: MEDICAL
Taxable payroll
Weighted average of taxable wages and taxable self-employment income. When multiplied by the combined employee-employer tax rate, it yields the total amount of taxes incurred by employees, employers, and the self-employed for work during the period.
Taxable self-employment income
Net earnings from self-employment, generally above $400 and below the annual maximum taxable amount for a calendar or other taxable year, less any taxable wages in the same taxable year.
Taxable wages
Salaries paid for services rendered in covered employment up to the annual maximum taxable amount.
Taxation of benefits
Beginning in 1994, up to 85% of an individual’s or a couple’s OASDI benefits is potentially subject to federal income taxation under certain circumstances. The revenue derived from taxation of benefits in excess of 50%, up to 85%, is allocated to the health insurance trust fund.
Taxes
See: payroll taxes .
Taxonomy codes
Ten-character alphanumeric provider specialty codes that are assigned and classify each health care provider (e.g., general practice 208D0000X). These codes are maintained and distributed by the Centers for Medicare and Medicaid Services (CMS) and used when transmitting electronic insurance claims. A given provider can have several provider taxonomy codes. This code set is used in theX12 278 Referral Certification and Authorization and the X12 837 claim transactions and is maintained by the National Uniform Claim Committee (NUCC).