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6.2% for the employee, and an identical amount for the employer (not including Medicare)
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What is al fica tax?
al fica tax????? US FICA tax is OASDI (FICA) (social security and Medicare taxes) all mean the same tax. For the year 2009 and 2010 the maximum social security contribution limit is 6621 at 6.2% up to the gross wages earned income limited amount of 106800. No limit on the amount of gross earned income that is subject to the Medicare tax rate of 1.45% of gross income. If you are a self employed taxpayer then you are responsible for all of your own FICA self employment taxes of 15.3% plus any income taxes on your net profit from your business operation at your marginal tax rate. For those with well above average income, the Federal income tax withholding may be far more than FICA; FICA is capped, but income tax and the medicare tax is not.
What is the FICA withholding rate for 2011?
what is the FICA rate for 2011
What is MED FICA tax?
MED tax is the tax that is paid to Medicare. FICA tax is the tax paid to pay for Social Security benefits.
What is the purpose of a FICA tax?
A Fica tax has several different purposes that serve different people. A Fica tax serves to finance government educational programs and developmental projects. A Fica tax also provides those who are disabled and/or retired with insurance.
Who pays FICA taxes?
employers pay the fica tax
How do you calculate FICA tax?
You do not calculate FICA tax by asking Answers.com. You calculate the FiCA tax by going to the Internal Revenue Web Site and looking at the information on their form. Then you plug your numbers into their formula.
What is the current FICA tax rate?
The current FICA rate is 12.4%. Employees have 6.2% of their gross pay withheld each pay period, and the other 6.2% is matched by the employer. Self-employed individuals must pay the entire 12.4%
Is FICA tax the same as the social security tax?
Yes, plus Medicare tax. FICA is the acronym for the Federal Insurance Contributions Act.
What deduction is the largest percentage of paycheck deductions?
Probably the OASDI (FICA) (social security and medicare taxes) all mean the same tax. The maximum social security contribution limit is 6621 No limit on the amount of earned income that is subject to the medicare tax rate of 1.45% of gross income. If you are a self employed taxpayer then you are responsible for all of your own FICA self employment taxes of 15.3% plus any income taxes on your net profit from your business operation at your marginal tax rate. For those with well above average income, the Federal income tax withholding may be far more than FICA; FICA is capped, but income tax is not.
When do you stop paying FICA for the year?
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.
How do you calculated fica?
You do not calculate FICA tax by asking Answers.com. You calculate the FiCA tax by going to the Internal Revenue Web Site and looking at the information on their form. Then you plug your numbers into their formula.
What is a purpose of a fica tax?
The fica is taken out of your paychecks and added to the Social Security fund.
