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What is the purpose of a FICA tax?
A Fica tax has several different purposes that serve different people. A Fica tax serves to finance government educational programs and developmental projects. A Fica tax also provides those who are disabled and/or retired with insurance.
What type of tax is one in which the rate of tax does not change with a tax base?
A tax in which the rate does not change with the tax base is called a flat tax or a proportional tax. In this system, all taxpayers pay the same percentage of their income or value of the tax base, regardless of its amount. This structure contrasts with progressive taxes, where the tax rate increases as the tax base increases. Flat taxes are often considered simpler and more straightforward to administer.
A tax is one in which the rate of tax does not change with a change in the tax base?
proportional.
A tax in which the rate does not change with a change in the tax base is called?
proportional tax
What type of tax is one in which the rate of tax does not change with a change in the tax base?
proportional
What is MED FICA tax?
MED tax is the tax that is paid to Medicare. FICA tax is the tax paid to pay for Social Security benefits.
What is the purpose of a FICA tax?
A Fica tax has several different purposes that serve different people. A Fica tax serves to finance government educational programs and developmental projects. A Fica tax also provides those who are disabled and/or retired with insurance.
Who pays FICA taxes?
employers pay the fica tax
What is social security max 2009?
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.
How do you calculate FICA tax?
You do not calculate FICA tax by asking Answers.com. You calculate the FiCA tax by going to the Internal Revenue Web Site and looking at the information on their form. Then you plug your numbers into their formula.
Is FICA tax the same as the social security tax?
Yes, plus Medicare tax. FICA is the acronym for the Federal Insurance Contributions Act.
A tax is one in which the rate of tax does not change with a change in the tax base?
proportional.
A tax in which the rate does not change with a change in the tax base is called?
proportional tax
What type of tax is one in which the rate of tax not change with change with a change in the tax base?
proportional
What type of tax is one in which the rate of tax does not change with a change in the tax base?
proportional
What type of tax is the one in which the rate of tax does not change with a change in the tax base?
proportional
When do you stop paying FICA for the year?
The maximum amount of wages subject to the FICA-Social Security tax for 2009 is $106,800. There is no limit on the amount of wages subject to the FICA-Medicare tax.
