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
4.2
$110,000
That won't be known until the last quarter of 2009.
Federal and state income taxes, and FICA
what is the FICA rate for 2011
$110,000
4.2
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.
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.
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.
NO. The FICA taxes is NOT a adjustment to your gross income earnings to arrive at your TAXABLE INCOME amount that will be on the 1040 federal tax form page 2 line 43.
No. However, if you have wages that have been subject to FICA withholding your do not have to pay self-employment tax. SE Tax is 15% on all self-employment income. The FICA withholding from wages is only 7-1/2 percent for you and the employer pays the other 7-1/2 percent.