Social security: 6.2%
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 percentage is 1.45 on all gross earned income money that you work for, for the employer and the employee each.
It is calculated on a percentage basis of the gross income.
Both. Employers and employees contribute an equal percentage of the employee's income to Social Security.
Social Security also known as FICA is taxed at 6.2% of income. Medicare is taxed at 1.45%.
6.2% of an employee's income is withheld as their contribution to Social Security. This withholding is capped at a salary of $118,500
6.2% of an employee's income is withheld as their contribution to Social Security. This withholding is capped at a salary of $118,500
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.
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.
Income security payments , Medicare and Medicaid, and National Security defense.
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.
There is no income threshold for Medicare taxes. While the 6.2% Social Security tax is only deducted from the first $106,800 of gross income, you continue paying 1.45% for Medicare on all wages earned.