No minimum...from first $. There is a maximum per person.
Yes, nonprofits pay FICA and all other payroll related taxes.
Non-owners are subject to payroll taxes as any other employee is. Owners will pay FICA tax when they file their Form 1040, but are not subject to unemployment tax if they agree to not be taxed as a corporation.
FICA stands for Federal Insurance Contributions Act. Basically, it's taxes used as payment into the Social Security and Medicare benefits programs. This is how you contribute to those programs. When you're an employee, you pay half and your employer pays half. Your half is deducted from your paycheck, then your employer adds their half and sends the entire amount in on your behalf when they pay all the other payroll taxes. Self-employed people don't have an employer to pay half, so they pay the entire amount for their Social Security and Medicare taxes.
gross pay
The amount that your paycheck is made out to you for is your net take home pay amount for your pay period. You should get this information from your employer payroll department as they will be the one that would know how much FICA, federal income tax, state income, local taxes, etc that they will have to withhold from your hourly pay or gross pay for the pay period. After the withheld amount for all taxes is subtracted from your gross wages (earned income) your paycheck will be issued for the net amount of your earning (wages).
Yes, nonprofits pay FICA and all other payroll related taxes.
FICA is the social program that is supported by deductions from the paychecks of American employees. Payroll taxes are calculated based on the amount of the taxpayers pay and are mandatory deductions. The programs that are deducted from the checks are social security taxes and the Medicare Program.
Non-owners are subject to payroll taxes as any other employee is. Owners will pay FICA tax when they file their Form 1040, but are not subject to unemployment tax if they agree to not be taxed as a corporation.
FICA stands for Federal Insurance Contributions Act. Basically, it's taxes used as payment into the Social Security and Medicare benefits programs. This is how you contribute to those programs. When you're an employee, you pay half and your employer pays half. Your half is deducted from your paycheck, then your employer adds their half and sends the entire amount in on your behalf when they pay all the other payroll taxes. Self-employed people don't have an employer to pay half, so they pay the entire amount for their Social Security and Medicare taxes.
gross pay
Your net take home paycheck would not be the same amount as your gross pay for the week. You should get this information from your employer payroll department as they will be the one that would know how much FICA, federal income tax, state income, local taxes, etc they will have to withhold from your hourly pay or gross pay for the pay period. After the withheld amount for all taxes is subtracted from your gross pay your paycheck will issued for the net amount of your take home pay.
You should get this information from your employer payroll department as they will be the one that would know how much FICA, federal income tax, state income, local taxes, etc that they will have to withhold from your hourly pay or gross pay for the pay period. After the withheld amount for all taxes is subtracted from your gross wages (earned income) your paycheck will be issued for the net amount of your earning (wages).
The amount that your paycheck is made out to you for is your net take home pay amount for your pay period. You should get this information from your employer payroll department as they will be the one that would know how much FICA, federal income tax, state income, local taxes, etc that they will have to withhold from your hourly pay or gross pay for the pay period. After the withheld amount for all taxes is subtracted from your gross wages (earned income) your paycheck will be issued for the net amount of your earning (wages).
An employer is required by law to subtract FICA from your paycheck (or pay it himself and add the amount as additional income on your W-2) as well as pay his own share. Your employer will deduct the amount from your salary with or without your consent. In rare cases where the employer cannot deduct FICA from your salary (for example, you work mostly on tips and your salary is less than what you owe for FICA), your employer will simply report the uncollected amount to the IRS on your W-2 and whether you pay or not is between you and the IRS. Similarly, if you have unreported tips or self-employment, your employer will not get involved in whether or not you pay.
Yes, seniors over 65 who are still working are subject to FICA deductions (Social Security and Medicare taxes) on their wages. Once they start receiving Social Security benefits, they no longer have to pay the Social Security portion of FICA, but they still contribute to Medicare through payroll taxes.
In most cases, there is no minimum age for payroll tax withholding. Parents do not have to withhold payroll taxes on payments for services of a child under the age of 18 who works in a trade or business if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of a child. Parents do not have to withhold payroll taxes for a child under the age of 21 for work other than a trade or business (such as work in the home). There is a wage test for domestic household workers of $1,700/year (2011); individuals who pay someone less than that (including parents who employ their children) do not have to withhold taxes. I don't find any minimum age or minimum wage test for other employers withholding payroll taxes.
take home pay