$6,621.60
The maximum FICA tax for 2011: Employer 7.65% SSI: Employee 4.20% Employer 6.20% MED: Employee 1.45% Employer 1.45% Income subject to SSI tax: $106,800 Employee $4,485.60 Employer $6,621.60
The maximum FICA tax for 2011: Employee 5.65% Employer 7.65% SSI: Employee 4.20% Employer 6.20% MED: Employee 1.45% Employer 1.45% Income subject to SSI tax: $106,800 Employee $4,485.60 Employer $6,621.60
No. FICA is a straight percentage of salary or wages. The employee Social Security portion (6.2%) stops after the employye reaches the maximum salary ($102,000 in 2008). The employee Medicare portion (1.45%) does not have a miximum.
Yes.
In 2009, the IRS set annual Social Security wage base limit at $106,800 at 6.2%. That would make the maximum FICA withholdings $6,621.60.
Find the annual amount of FICA at a 7.51% rate by computing his annual salary
1.45% is that part of OASDI representing your Medicare contribution, matched by your employer. When you have reached your Social Security maximum contribution or when for other reasons you no longer have to pay into Social Security but are still employed, your contribution will reduce from 7.65% to 1.45%.
Federal Insurance Contribution Act The word FICA stands for "Federal Insurance Contributions Act."
Yes
Social Security (FICA) is paid at a total of 15.30% of appropriate wages...however half of that is paid by the employer and half by the employee. Also, the amount to be paid stops (except as below) at a predetermined maximum wage amount...that amount changes yearly on an index...for 2007 it is $97,500 and 2008 it is $112,000...hence no contribution on earning above those amounts. The cap on taxable wage does not apply to the small (about 1.4%) of the FICA contribution that is for the Medical portion. There is no cap on this.
$8423.
I am doing a certified payroll report and am not certain what they mean can someone tell me what they mean on the paystub of the employee, FICA, FEDERAL STATE TAX and SDI