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.
Do I have to pay FICA and medicare tax on my pension if I retire early at age 55 and not working?No. A pension, like IRA and 401k distributions, is not considered earned income. You do pay income tax, but not FICA (Social Security and Medicare), on those sources.
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax. Go to the SSA.gov SOCIAL SECURITY ONLINE web site
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax. Possible future social security benefits and some medicare insurance coverage.
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.
No, individuals over the age of 70 are generally exempt from paying Social Security or Medicare taxes (FICA taxes) on any earned income. There is no age limit for paying income taxes on investment income, though.
Do I have to pay FICA and medicare tax on my pension if I retire early at age 55 and not working?No. A pension, like IRA and 401k distributions, is not considered earned income. You do pay income tax, but not FICA (Social Security and Medicare), on those sources.
employers pay the fica tax
MED tax is the tax that is paid to Medicare. FICA tax is the tax paid to pay for Social Security benefits.
Do I have to pay FICA and medicare tax on my pension if I retire early at age 55 and not working?No. A pension, like IRA and 401k distributions, is not considered earned income. You do pay income tax, but not FICA (Social Security and Medicare), on those sources.
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax. Go to the SSA.gov SOCIAL SECURITY ONLINE web site
OASDI (Old Age Survivors and Disability Insurance), FICA, SSB, (Social Security and Medicare tax) they all mean the same thing.
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax. Possible future social security benefits and some medicare insurance coverage.
NO - however it is paid to the IRS. Federal Income Tax is just what it sounds like and pays for federally funded programs. FICA is Social Security Income and goes to pay into the fund for Social Security Programs.
The Social SecurityAdminstration issued the inflation adjusted FICA base for 2009; it will be $106,800. That means an employee's 6.2% FICA tax for 2009 will top out at $6,621.60. The 1.45% Medicare component has no wage limit. Employers pay a matching tax. Self-employed taxpayers pay both sides of the FICA tax through their self-empoyment tax.
Yes, FICA (Federal Insurance Contributions Act) is the combination of Social Security and Medicare taxes.