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The specific amount withheld should be shown on your payment stub or direct deposit receipt, and is labeled FICA.
A total of 7.65% of your pre-tax income (6.2% for Social Security and 1.45% for Medicare Hospital benefits) is withheld from each paycheck until you reach the current earnings cap of $106,800. There is no earnings cap for the 1.45% Medicare Hospitalization contribution, so that continues to be withheld regardless of your income.
Your employer pays a matching amount from company funds, bringing the total contribution on your behalf to 15.3% of the first $106,800 of salary.
If you earn less than the maximum, you can easily calculate your total annual contribution by multilplying your base salary x .0765.
For example:
A person who earns $35,000 in 2010 will contribute $2,677.50 toward future retirement benefits, and his or her company would match that contribution for a total of $5,355.
What else can I help you with?
What is deducted from a workers pay check to fund social security and medicare?
In most years, your employer will deduct the following from your paycheck: Social Security: 6.2% of your gross pay Medicare: 1.45% of your gross pay However, in 2011 Obama signed into a law a "payroll tax holiday" as part of the continued effort to stimulate the economy. For 2011 only, the social security tax coming out of your paycheck is 4.2% instead of 6.2%, meaning that this year you will take home more money than you would in a "normal" year. Your employer matches these amounts too -- they pay another 6.2% for social security, and another 1.45% for Medicare. Under the payroll tax holiday, only your portion of social security is reduced to 4.2% -- your employer is still paying 6.2% of your pay into social security for you.
Where can you find out how much you were paid in social security in 2011?
At the end of the year you will get a statement from Social Security. It will have the amount of money you received, for the year, from Medicare.
How much can you earn before the social security is no longer takern out?
In 2010, wages up to $106,800 are subject to Social Security tax. There is no wage limit on Medicare tax.
How much has the Government pilfered from the Social Security and Medicare funds since inception?
16 trillion Dollars
How much do you pay for Medicare benefits after you retire?
The Medicare premium of $134 is usually automatically deducted from your Social Security check every month. If you want a Medicare part C or part D plan too, you will have to pay for that yourself and the amount will depend on the insurance company and the plan you select.
How much would be deducted from a 2000 monthly paycheck for FICA?
for fica deductions if you want your social security and medicare deductions separate its 1.45% for social security and 6.2% for medicare the monthy total would be %149.00 a month signed a tenth grader in Missouri
Does an inheritance effect your social security or medicare?
I would say no. Social Security payments depend on your lifetime employment payments. Medicare in health benefits help by the government. An inheritance, depending upon how much it is, might effect your income taxes, depending upon the amount.
How much will your Social Security check be if you retire at the age of 66?
As I understand you can make as much as you want after age 66 and still draw your full social security.
Does marriage infect social security benefits including social security disability social security income and social security associations?
If while receiving social security retirement benefits, I get married, can my wife receive thru me, and if so how much if my monthly check is, $1738.
How much faith do you have that social security and Medicare will be there when its your turn to collect?
No one should worry about this. The Federal government is not about to let either of these programs end.
How much money do you have to earn to stop paying social security taxes in the year 2011?
106,800. That amount went up in 2012 to 110,000. According to the Offical Social Security Website.
How much does the us government spend on social security and medicare annually?
Well, it is tough to say the exact number. However Medicare and Medicaid are mandatory spending for the government. Medicare and Medicaid, last year, were a combined 26% of the U.S. federal Budget
