I have an employee over 70 years of age, can she stop withholding her FICA taxes? (Social Security) Thank you
Yes, nonprofits pay FICA and all other payroll related taxes.
FICA taxes
Social security and medicare
No you do not get FICA back on federal taxes. It's a pay now and collect later system, for when you collect social security at retirement.
Your premise is wrong. FICA is paid on FICA wages (different than reportable income in many ways), and is paid by everyone up to a certain FICA wage limit, which increases with cost of living...currently about 102K a year. If your seldf employed, you pay essentially 2x as much as an employee...because the company of an employee pays half the total 15.3% total tax. (So the owner of your company pays 7.65% FICA for each of his employees).
employers pay the fica tax
Yes, nonprofits pay FICA and all other payroll related taxes.
FICA taxes
Social security and medicare
No you do not get FICA back on federal taxes. It's a pay now and collect later system, for when you collect social security at retirement.
All of the above ^_^
A. Social Security and Medicare E2020
Yes. Since 1983 government employees arecovered by SS/Fica like everyone else...and pay into it like everyone else. Before that (and still in some States and areas), they were allowed to contribute to and are/were covered by a program that is virtually identical to SS/FICA...minor differences, but nothing substantial really. More in name than anything.
Sure you do still pay your share of the FICA (social security and medicare) (OASDI) taxes on your earned income as long as you are providing your services to earn the income and are still breathing.
No. You only pay FICA taxes on earned income (wages, salary); paying on Social Security benefits would amount to paying the same tax twice.
Yes, working seniors over 65 are still required to pay FICA (Federal Insurance Contributions Act) taxes on their earnings. These taxes fund Social Security and Medicare programs.
No, retired individuals typically do not pay FICA (Federal Insurance Contributions Act) taxes, which include Social Security and Medicare taxes, on their retirement income. However, if they have other sources of income, such as wages from part-time work, they may be subject to FICA taxes on that income.