0
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.
You really should get the correct amount that will be withheld from your gross earnings that are subject to the social security and medicare taxes (FICA) from your employer payroll department.
The rough estimated amount IF the 50000 wages earned income gross amount is earnings that would be subject to the total 15.3% (FICA) tax 1/2 by the employee and 1/2 by the employer would each be each 3825 X 2 = 7650 total by the employee and the employer.
If you are self employed and IF you had a NET PROFIT of 50000 from your business operation you would be responsible for the entire 7650 estimated total social security and medicare tax amount.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
How much taxes should be taken out for FICA on 12250.00?
The employee's portion of te combined FICA rate is 7.65% of FICA applicable wages. FICA wages may be different than any others (like taxable, or gross, or state, etc) wages...none of which may actally be the amount you received.
When does fica stop being taken out of your check?
For tax year 2007, FICA stops being taken out on wages at $92,500. Wages received over that amount are not taxed. Sharon http://taxresolutionaries.blogspot.com
How much FICA taken from 35000?
The FICA rate of 15.30 % is paid half by the employer and half by the employee...or entirely by the taxpayer if self employed (or self employed income). However, what is considered fica taxable earnings is different than either your gross wage or even income taxable wages....ang you have to calculate it first.
If you earn 3000 a wk how much tax is taken?
Your employer would be the one that could give you the amount of income, fica, state, etc that will be withheld to reduce the 3000 that is earned each week and tell you how much your net take home may be.
What is the FICA withholding rate for 2011?
what is the FICA rate for 2011
Is fica taken out on short term disability?
why wasn't fica taken out of std checks
What is a purpose of a fica tax?
The fica is taken out of your paychecks and added to the Social Security fund.
How much taxes should be taken out for FICA on 12250.00?
The employee's portion of te combined FICA rate is 7.65% of FICA applicable wages. FICA wages may be different than any others (like taxable, or gross, or state, etc) wages...none of which may actally be the amount you received.
When does fica stop being taken out of your check?
For tax year 2007, FICA stops being taken out on wages at $92,500. Wages received over that amount are not taxed. Sharon http://taxresolutionaries.blogspot.com
If fica is not taken out on your paycheck does it keep you from applying for unemployment?
You can apply and if you worked at any other job in the last year that did pay fica you can draw on that income.
How much FICA taken from 35000?
The FICA rate of 15.30 % is paid half by the employer and half by the employee...or entirely by the taxpayer if self employed (or self employed income). However, what is considered fica taxable earnings is different than either your gross wage or even income taxable wages....ang you have to calculate it first.
How much is 16 percent of 50000?
16% of 50,000= 16% * 50000= 0.16 * 50000= 8,000
How much is 50000 turk lirasi in English money?
how much 50000 lira in english money
How much is 50000 old Turkish lira worth in sterling?
50000
How much is 50000 eur?
50000 eur is pretty much exactly 50000 eur; meaning 100-1000 notes depending on what you happen to have or a ton of coins.
How much is 50000 lima puluh ribu rupiah in Indian rupee?
50000
Do you get Fica back?
If you worked for just one employer and that employer took out too much FICA, you should contact your employer's HR or payroll department and ask for a refund. If too much was taken out because you worked for multiple employers, there is a line on Form 1040 (line 65 of the 2008 version) to claim a credit for the excess. If too much was taken out and your employer can't/won't refund it to you, you can submit a claim on Form 843: http://www.irs.gov/pub/irs-pdf/f843.pdf Please note that you must have a legitimate reason for claiming a refund. Paying FICA taxes is not optional, even if you do not want to participate in Social Security.
