Want this question answered?
If you're asking whether paying social security tax is mandatory, the answer for most people is yes.
Social Security (FICA) taxes are withheld from your gross (before tax) salary.
The fica is taken out of your paychecks and added to the Social Security fund.
The Social Security tax cap for 2001 was $80,400.
No, the state of Mississippi does not tax Social Security benefits at the state level. Therefore, Social Security income is not subject to Mississippi state income tax.
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.
No. Massachusetts is not one of the fourteen states that tax Social Security benefits.
Yes. The "self-employment tax" is actually the Social Security and Medicare tax. If you work for someone else, you would have Social Security and Medicare tax taken out of your paycheck and your employer would match the amounts that were taken out. When you are self-employed, instead of having these amounts taken out of your paycheck, you pay both the employee and the employer share directly to the government.
yes
no im pretty sure you have to be 18 to pay social security tax
Social Security is a federal program. It is a federal "tax" not a state tax.
The percentage of taxes taken out of a paycheck depends on the number of exemptions you are allowed to claim. The average amount taken out is 15% or more for deductions including social security and income tax.