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How do you verify that the amount of FICA and income taxes deducted from your pay are correct in Wisconsin when calculated FICA is 7.65 and in one check does not add up?
First, the withholding your speaking about are Federal and the same wherever you are. The State is unimportant. Also, the worse that happens is something is overwithheld …(or under I guess), and when you file your return and calculate how much is due based on your specific situation, (not just this income source), any overage or under will be reflected, refunded if required. The best way to find out what was done on your particular check is to contact the payroll master who did it. They should be more than happy to explain what was done, and correct any problem. (A problem you find is one that is about to cause them all types of trouble too...and really, they have nothing to gain in any of this...the amount they report as withheld, right or wrong, is the minimum amount they can pay over on your SS# behalf). Be aware, what is considered income for the 7.65 FICA (even certain components within it), and each other type of tax vary with each....you have many different "taxable incomes", depending on how each is required to be defined!
I have an employee over 70 years of age, can she stop withholding her FICA taxes? (Social Security) Thank you
A. Social Security and Medicare E2020
There are no special rules for home sales for people over 55. There used to be various special rules for seniors who sold their houses and for ordinary people who sold their… houses and bought new houses. They were all repealed in 1997 and replaced with a single exemption for everyone of any age: If the house you sold was your main home for two of the five previous years and you owned the house for two of the previous five years, the first $250,000 of profits (capital gains) is exempt from tax. If you file jointly and the house was also the main home of your spouse for two of the previous five years, the exemption increases from $250,000 to $500,000. A reduced exemption may be available if you lived in and owned the house for a shorter period of time but were forced to move due to circumstance beyond your control. There is a two year waiting period after you claim the exemption before you can claim it again. You do not have to be any special age and you do not have to buy a new house. You can do anything you want with the proceeds of the sale.
Do I have to pay FICA and medicare tax on my pension if I retire early at age 55 and not working? No. A pension, like IRA and 401k distributions, is not considered earned inc…ome. You do pay income tax, but not FICA (Social Security and Medicare), on those sources.
Social security and medicare
The maximum amount of wages subject to the FICA-Social Security tax for 2009 is $106,800. There is no limit on the amount of wages subject to the FICA-Medicare tax.
SURE YOU DO. You can be over 100 years of age and could still meet the requirements of having to file an income tax return. Age does not have anything to do with the requirem…ent to have to file an income tax return.
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax. Go to the SSA.gov SOCIAL SECURITY ONLINE web site
Not if your income is below $25,000 per year for a single person, or below $32,000 per year for a couple filing jointly. Payment is based total taxable income, not age.
You pay FICA as long as you are earning wages, regardless of your age.
Felicia works at all you can eat buffet as a manager she earns 28500.00 annually how much will she pay in fica tax in one year?
If she is a employee and has a employer her social security and medicare tax (FICA) withholding amounts from her gross income that will be reported in box 1 of her W-2 form. T…he total combined amount of the employer contributions 7.65% plus the 7.65% amount that will be withheld from her gross wages will be entered in box 4 social security tax and box 6 medicare tax of her W-2 form Her share of the those amounts on the earned amount of 28500 would be 2180.25
Yes, unless you qualify for elderly or senior citizen real estate tax relief provided by some states. Each state in the United States has different tax laws concerning elderly… or senior citizen tax relief. Most have household income and asset ceilings that if you go over them, regardless of your age, you do not qualify. Check with your local assessor or tax collector.
In US Air Force
Federal Insurance Contribution Act (FICA) Yes it is possible when you start receiving your social security benefits that you qualify for. From 50% to 85% of the amount that yo…u receive COULD become taxable income on your 1040 federal income tax return WHEN you are receiving any other sources of worldwide income during the tax year. The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.
In most cases, there is no minimum age for payroll tax withholding. Parents do not have to withhold payroll taxes on payments for services of a child under the age of 18 who w…orks in a trade or business if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of a child. Parents do not have to withhold payroll taxes for a child under the age of 21 for work other than a trade or business (such as work in the home). There is a wage test for domestic household workers of $1,700/year (2011); individuals who pay someone less than that (including parents who employ their children) do not have to withhold taxes. I don't find any minimum age or minimum wage test for other employers withholding payroll taxes.
Yes. The way it works in most cases is that you pay FICA taxes in the amount of 6.2% of your gross income and your employer also pays the same amount. Also you are required to… pay 1.45% of your gross income for Medicare tax and your employer also matches that amount. So in total you are paying for half of these two taxes and your employer pays for half of the total taxes for these two taxes.