Want this question answered?
The FICA -MC on your paycheck is a reference to the deduction for Medicare. The Medicare deduction should be 2.9 percent of your total earnings.
Yes. The "self-employment tax" is actually the Social Security and Medicare tax. If you work for someone else, you would have Social Security and Medicare tax taken out of your paycheck and your employer would match the amounts that were taken out. When you are self-employed, instead of having these amounts taken out of your paycheck, you pay both the employee and the employer share directly to the government.
Yes.
This would be the employer choice to do this yes.
Withholding means that employer is taking funds out of the check for taxes.
Your employer sends it to the federal government to help your income tax bill
Withholding is the portion of an employee's wages that is not included in their paycheck but is instead remitted directly to the federal, state, or local tax authorities. Withholding reduces the amount of tax employees must pay when they submit their annual tax returns. For employees, withholding is the amount of federal income tax withheld from your paycheck. The amount of income tax your employer withholds from your regular pay depends on two things: The amount you earn. The information you give your employer on Form W–4.
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.
The Medicare tax is the same for all employees, regardless of age.
Yes. Social Security and Medicare are taken out of your income before you see your paycheck. Your employer also pays an additional Social Security and Medicare tax to your account.
The FICA -MC on your paycheck is a reference to the deduction for Medicare. The Medicare deduction should be 2.9 percent of your total earnings.
with great difficulty if you dont have the proper identificaion!!! Added; If you are not the spouse or an IMMEIDATE family member the employer will probably not turn over the paycheck to anyone. You can notify the employer of the circumstances and they MIGHT mail it to the employees address of record, but they are not required to.
Social Security is funded by FICA; Medicare is funded by Medicare tax.
An employer should never deduct anything from your paycheck for unemployment benefits. They have to pay the state you work in a payroll tax based on what they pay the employees, etc. You need to ask what the 35% is for, as it may be Social Security, Medicare, etc. which is not involved with unemployment benefits. If/when you lose your job, your benefits will depend on your work history, and other matters the state uses to determine your eligibility. Check with your state's employment office for clarification.
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.
If you would like your paycheck to be deposited directly into your bank account by your employer, so that you do not have to deposit it yourself, you can ask your employer to do that. (You will have to provide a void check, so that the employer knows which account to use.) Many companies, but not all companies, do this for their employees. Even if your employer does not currently offer this option, perhaps a new procedure can be introduced for the convenience of everyone. You can suggest it.
It isn't. Unemployment benefits are paid by the state which collects it from the employer through the employer's payroll taxes. Employees in all 50 states do not pay into the unemployment system.