Estimating your Refund

Depending on your individual circumstances, your refund amount could be significant because the social security tax rate is 6.20% of taxable wages, up to the annual limit, and the Medicare tax rate is 1.45% of taxable wages, with no limit. For example, a resident who received eligible compensation of $40,000 during 1995 and did not have any pre-tax deductions may be eligible for a refund of $3,060 in FICA taxes plus interest of approximately $2,660 for a total refund of more than $5,700 for calendar year 1995 alone.

Eligible compensation is compensation received for services performed as a medical resident or fellow and excludes compensation for services that were provided outside the scope of your residency/fellowship program, such as temporary special medical activity (“TSMA”) pay.

The calculation below will provide an estimate of your refund. Please note, this is only an estimate. There are many factors that can affect the actual refund amount you receive. Your employer will be submitting the refund claim based on your actual eligible compensation for each quarter. Remember to submit your consent to participate in the refund process.

Estimate your eligible compensation:           $
Select the applicable calendar year of service:

Your estimated Social Security paid was:
Your estimated Medicare paid was:
Your estimated refund is:

If you have a question about the process, please submit it to Ernst & Young LLP at or call 877-800-3830 during the hours of 9am and 6pm EST, Monday through Friday. You can also contact Kevin Farrell of Mt. Sinai at or 212-731-3050.

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