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In addition to FICA and Social Security does your employer have to pay any other taxes?
Wiki User
∙ 15y ago
Many, many, many....like unemployent, disability, FUTA, etc., etc, and of course lots of Business Taxes...
Wiki User
∙ 15y ago
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What federal taxes does a self-employed person have to pay?
Self-Employed people have to pay income tax just like everyone else, plus self-employment taxes which are basically Social Security and Medicare taxes. A self-employed person will have to pay all of the Social Security and Medicare taxes since they don't have an employer. When you work for someone, the employer pays for half of the Social Security and Medicare taxes in addition to other taxes like federal and state unemployment taxes and other items depending on the state and city you are located in.
Is social security a regressive or proportional tax?
Social Security Taxes are a Proportional Tax. A Percentage of a person's income is paid to Social Security, this is half of the total amount paid to them, the Other half of a person's Social Security Tax is paid by the Employer.
In addition to Social Security tax what other payroll tax is regularly withheld by the Federal government?
Health care
When you die what happens to my social security contribution My mom worked for 35 yrs and she passed away. She contribute as well as her employer Where is all that money where does it go?
The contributions remain in the Social Security trust fund to be paid to other beneficiaries.
What was maximum social security withholding history?
When you have one employer the amount of FICA ((OASDI) Old Age Survivor and Disability Insurance) for your social security would stop once your wages with the withheld social security amount reach 106800 and social security amount withheld would be 6621.60 If you need other information about the social security history you use the below enclosed website address to start with for some history. socialsecurity.gov/kids/history.htm
When does FICA drop to 1.45 percent?
1.45% is that part of OASDI representing your Medicare contribution, matched by your employer. When you have reached your Social Security maximum contribution or when for other reasons you no longer have to pay into Social Security but are still employed, your contribution will reduce from 7.65% to 1.45%.
What is the percentage rate for fica in ca?
The same amount that it would be in any other state. The withholding amount by the employer from your earnings that are subject to the old age survivors disability insurance is 7.65% for the social security and medicare tax amount and the employer matches that amount for a total amount of 15.3%. When you have one employer the amount of FICA Old Age Survivor and Disability Insurance for your social security would stop once your wages with the withheld social security amount reach 106800 and social security amount withheld would be 6621.60. You do NOT have any cap LIMIT on the MEDICARE insurance contribution amount. The Employer Medicare 1.45% and the employee 1.45% the total medicare insurance amount of 3.9% will continue to be paid on all of you wages that are subject to the medicare insurance tax.
How will mineral rights lease payments affect your social security benefits?
The amount of money an individual received from Social Security depends upon his past earnings. It is supposed to help pay for their food, rent and other needs and other earnings from other sources should not affect your social security benefits. If in doubt contact your local Social Security Office The answer to your question should be, it will not affect your social security benefits
How much do you have to make before they take federal taxs out?
The first $1 of your gross earnings will have some social security and medicare taxes withheld. FICA stands for "Federal Insurance Contributions Act." It's the tax withheld from your gross earnings salary or your NET profit from your self-employment income that funds the Social Security and Medicare programs. The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax for social security benefits (SSB or SSDI). All mean the same thing. For the tax year 2010 the social security and medicare tax is withheld by your employer payroll department from your first dollar of your gross earnings at the 7.65% rate. The 7.65% amount is matched by your employer for a total of 15.3% contribution to the SSA insurance trustee. Then you will also have other federal income tax amounts and other items that your employer payroll department will be required to withhold from your gross earnings before you will be issued your NET TAKE HOME paycheck. You should ask the employer payroll department for the amounts that they will have to withhold from your gross earnings.
Is there federal tax on social security income?
This depends on what your other income is besides your Social Security Income. Dependent on your filing status and other income your Social Security Income can very likely be partially taxable. Up to a maximum of 85% of your Social Security income can be taxable on your Federal Tax Return.
Dose the Gross Income of a dependent include social security?
Not if the social security is coming from a source other than yourself!
How do you find out if someone has social security?
You are given a social security number the day you are born. You do not choose it. It is automatically yours to own forever. Every individual has their very own social security number that they own until they die. This is why it is important to take care of your social security card. If it is stolen, the person who has it can steal your identity and use it anyway they want, If you lose your social security card, notify the social security office as soon as possible. That person who stole it now ha become you, with regards to finances and you will be responsible for theft if you do not report it immediately to the banks and stores and everyone else you do business with.
