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.
what is the FICA rate for 2011
$110,000
4.2
For domestic workers, the minimum amount requiring FICA withholding is $2,600 in 2023. If you pay a domestic employee more than this threshold in a calendar year, you are responsible for withholding and matching FICA taxes, which include Social Security and Medicare taxes. It's important to report these wages and ensure compliance with tax regulations.
That won't be known until the last quarter of 2009.
what is the FICA rate for 2011
4.2
$110,000
are employees that are currently receiving social security and medicare benefits subject to fica withholding
Yes and no. Federal Withholding is usually Federal income tax. FICA is Social Security. Different percentage, goes to a different place.
For domestic workers, the minimum amount requiring FICA withholding is $2,600 in 2023. If you pay a domestic employee more than this threshold in a calendar year, you are responsible for withholding and matching FICA taxes, which include Social Security and Medicare taxes. It's important to report these wages and ensure compliance with tax regulations.
That won't be known until the last quarter of 2009.
Federal and state income taxes, and FICA
It would seem logical that a negotiator who is a full time employee of, for example, the Teamsters Union, would be subject to FICA withholding taxes.
To calculate your net pay after involuntary deductions, first sum the deductions: FICA ($7.65) + federal withholding ($12) + state withholding ($7) = $26.65. Subtract this total from your gross pay: $2759.00 - $26.65 = $2732.35. This amount is what you have available for housing and fixed expenses.
It should be listed as FICA. Listed next to Federal and State withholding, you'll also see FICA - that is your contribution to Social Security.
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.