Income Taxes
Retirement Planning
Social Security

Is the payroll tax the same as the social security tax?


Top Answer
User Avatar
Wiki User
2011-12-22 17:05:58
2011-12-22 17:05:58

Yes it's also known as the FICA tax

User Avatar

Related Questions

The payroll tax for Medicare is Medicare. The payroll tax for Social Security is FICA.

Check your annual OPM annuity statement -- there is no payroll tax. A payroll tax feeds the Ponzi scheme we commonly call Social Security. For the last few years the payroll tax was reduced by 2% but that just means Social Security will become broke even faster.

Payroll tax is the tax that is collected from employers to pay for government benefits for their staff. These include programs like unemployment, disability and social security.

The payroll tax for a small business is 6.25% for Social Security ant 1.45% for Medicare. This tax is required regardless of how many people you hire or your revenue generated.

A one-year reduction in Social Security withholding from individuals (not from their employers) was included in the Tax bill that was passed by Congress at the end of 2010. The lost tax income to Social Security will supposedly be paid to the Social Security Trust fund out of general tax revenues.

No, educators don't pay into the Social Security payroll tax. Instead they pay into the Teacher Retirement System. Since they don't contribute to Social Security they can not draw from it even though they meet the age requirements. So this payroll hike will not affect their paychecks.

Social Security is funded by payroll taxes which is also called as Federal Insurance Contributions Act Tax (FICA).

FICA stands for a payroll tax used to fund the Social Security system.

The IRS payroll tax can be defined as the tax that an employer needs to pay, precisely on the salaries disbursed to the employees. Payroll tax levied by the IRS has many components such as federal income tax, social security and medicare tax and federal unemployment tax. Visit : to know more

The social security act payed for the pensions for retired Americans with payroll tax. PAYROLL TAX- A tax that removes money directly from workers' paychecks. Employers were required to make matching contributions. P.S. - this was written by an eight grade boy, if you didnt know this, its very sad

The payroll tax is used to fund several social programs in the United States. Social security is probably the most wide-known program and includes unemployment benefits, temporary assistance for needy families, health insurance for aged and disabled and supplemental security income.

There are several tax deductions that appear on a payroll statement. These are FICA, which is Medicare and Social Security, along with income tax and OASDI. OASDI stands for old age, survivors, and disability insurance.

Retirement benefits (Social Security and Medicare) is provided through a payroll tax.

Federal Insurance Contributions Act (FICA) in other words, it is your Social Security Tax.

The Social Security tax cap for 2001 was $80,400.

does Mississippi Tax Social Security Income

Alan Freiden has written: 'Labor supply, the payroll tax, and internal rates of return to social security' -- subject(s): Social security taxes, Labor supply

None. Social security benefits ((SSB) social security insurance, and social security disability are all the mean the same thing and it is possible for some the SSB to become taxable income on your federal income tax return at your marginal tax rate.

Social security cardTax documentsCompany payroll documentMilitary identification cardsMedical benefits cardState ID card

Probably not from the fund because it is a trust and politcally sensitive, but they will divert payroll taxes intended for the fund; for social security to the general fund instead.

You submit payroll taxes for turbo software because it is easier and cheaper. You can find out more of the benefits at or

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.

For 2008, the maximum social security tax withholding for an individual is $6,324, the tax on $102,000. For 2009, the maximum social security tax withholding for an individual is $6,622, the tax on $106,800.

The medicare insurance tax is a part of 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.

Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.