0
Social Security now deducts more than the Federal Gov from your payroll check since when is this the norm now?
Wiki User
∙ 12y ago
That's whats happens to your paycheck...not mine.
Basically, all earning up to @$98,000 a year are FICA taxable.
Fica is paid at 15.30% of those earnings...of which half is paid by the employer on your behalf and the rest 7.65% you pay through a withholding. If more than that is being charged, something is flablooey in accounting!
Income taxes, (and you can include most State ones too), vary a bit depending on many factors, but especially income. For your Federal, the rate is non-existant or very low until you reach certain levels, where the higher brackets (there aren't many), kick in.
Hence, now and as it's always been, if you don't make much you won't pay any or much income tax, but your FICA will be the same % regardless..until your income is high enough that FICA ends, but your probably in the highest tax bracket by then too.
Interestingly, about 50% of the wage earners pay NO federal income tax - in fact a large percentage of those actually get money through things like the earned income credit, etc. However, that same person may pay FICA.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
In addition to Social Security tax what other payroll tax is regularly withheld by the Federal government?
Health care
What two payroll deductions are withheld under the fica heading?
Medicare and Social Security are the payroll deductions withheld under FICA. These federal benefit programs are a part of the Federal Insurance Contributions Act.
Does a payroll tax deduction apply to federal annuitants?
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.
What are the two of payroll deductions?
One type of payroll deduction is all the taxes you have to pay such as federal, state and social security. Another type of deduction is your health insurance.
What are the two types of payroll deduction?
One type of payroll deduction is all the taxes you have to pay such as federal, state and social security. Another type of deduction is your health insurance.
What does FICA mean on a payroll check stub?
Federal Insurance Contributions Act (FICA) in other words, it is your Social Security Tax.
What is another name for a payroll deduction?
Payroll deductions are also called withholdings. Things typically withheld from earnings are state and federal income taxes, social security, and national insurance.
What statement best describes the purpose of the Social Security act?
Federal Tax on payroll that would be returned to the states to assist unemployed workers
What are examples of payroll taxes?
Social Security Taxes, FICA, and medicare are payroll taxes.
What example of a payroll tax?
Social security tax
What is the primary source of revenue for social security?
I believe, its just a social security tax.
What are payroll?
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 : Myirsteam.com to know more
