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For 2012, the Social Security (FICA) deduction is 6.2%; the Medicare deduction is 1.45%, for a total of 7.65%. The employer pays the same percentages.
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∙ 12y ago
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∙ 13y ago1.45%
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What percentage of gross income is withheld as an employees contribution medicare?
The medicare percentage is 1.45 on all gross earned income money that you work for, for the employer and the employee each.
What percentage of gross income is withheld as an employee's contribution to Medicare?
The medicare percentage is 1.45 on all gross earned income money that you work for, for the employer and the employee each.
What is the income threshold for exemption for Medicare deduction from Social Security?
There is no income threshold for Medicare taxes. While the 6.2% Social Security tax is only deducted from the first $106,800 of gross income, you continue paying 1.45% for Medicare on all wages earned.
What does the employee pay for social security and medicare?
It is calculated on a percentage basis of the gross income.
What is best definition of gross income?
Gross income is the money you earn before taxes and national insurance has been deducted. Once deducted, you are left with a net income.
Are taxes deducted from gross income or net income?
Gross income is generally your total income. Net income is what you actually end up with to pay your bills. Gross income minus taxes & other deductions (such as disability insurance) equals net income.
What is the difference between Gross and net and taxable income?
Gross income: the overall income, from which expenses and tax are not yet deducted. Net income: the pure income, left after deducting all expenses and tax. Taxable income: the income before tax, deducted all expenses except tax.
What is the percentage of federal taxes withheld on gross income of 2442.31?
You should get the information from your employer payroll department if you really need to know the correct numbers or amount that should be deducted from your gross earnings
If your net income is 47000 what is your gross income?
Jones bought an income property for which $47,000.00 was deducted from gross income for operating expenses. If the operating expenses are 30% of gross income, the value of the property using a cap rate of 12.5%?
What is Pre tax Income?
Pre-tax income is the same as gross income OR the money you make before taxes are deducted/withheld.
After gross profit is calculated operating expenses are deducted to determine?
net operating income
What is the difference between net and gross margin?
Gross margin is Gross income as a percentage of revenue. Net Margin is net income as a percentage of revenue.
