If your an employee, it remains the employers responsibility to handle it in payroll withholding. If your not an employee, the self employment tax is part of your estimated payments and tax return calculation.
Yes, nonprofits pay FICA and all other payroll related taxes.
No
yes
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 income. You do pay income tax, but not FICA (Social Security and Medicare), on those sources.
yes
Yes, FICA and SS is a percentage of what you make. If you earn more money, you are expected to pay more.
employers pay the fica tax
Yes, nonprofits pay FICA and all other payroll related taxes.
No
yes
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 income. You do pay income tax, but not FICA (Social Security and Medicare), on those sources.
yes
Because the social security and medicare tax (FICA) rate does not change from the 7.65% required amount that the employer is required to withhold from your gross earnings for the pay period.
All members of Congress and all other federal employees hired since 1984 pay FICA. Whether state and local employees pay varies by state.
Yes. If you work after retirement, your employer is still required to withhold 7.65% of your first $106,800 of gross income for FICA, and to pay a matching amount from company funds on your behalf.
Social security and medicare
MED tax is the tax that is paid to Medicare. FICA tax is the tax paid to pay for Social Security benefits.