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This article originally appeared on GOBankingRates.com: 8 Things To Review as Part of Your Year-End Financial Checklist, According to Tiffany Aliche Show comments Advertisement
FICA — aka Federal Insurance Contributions Act — tax is a U.S. federal payroll tax that is deducted from each paycheck. ... and an additional 0.9% Medicare tax on earnings over $200,000 a year ...
2. Evaluate your investments and take your RMDs. The end of the year is an ideal time to review your investment strategy to make sure your portfolio is still on the right track to meet your goals.
Median household income and taxes. The Federal Insurance Contributions Act (FICA / ˈ f aɪ k ə /) is a United States federal payroll (or employment) tax payable by both employees and employers to fund Social Security and Medicare [1] —federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.
Medicare tax of 1.45% is withheld from wages, with no maximum. [12] (This brings the total federal payroll tax withholding to 7.65%.) Employers are required to pay an additional equal amount of Medicare taxes, and a 6.2% rate of Social Security taxes. [13] Many states also impose additional taxes that are withheld from wages.
Federal social insurance taxes are imposed on employers [35] and employees, [36] ordinarily consisting of a tax of 12.4% of wages up to an annual wage maximum ($118,500 in wages, for a maximum contribution of $14,694 in 2016) for Social Security and a tax of 2.9% (half imposed on employer and half withheld from the employee's pay) of all wages ...
How Social Security taxes work. Social Security payroll taxes are collected under the Federal Insurance Contributions Act . This tax is 12.4%, split evenly between employers and their employees at ...
The Federal Employees' Retirement System (FERS) is the retirement system for employees within the United States civil service. FERS [1] became effective January 1, 1987, to replace the Civil Service Retirement System (CSRS) and to conform federal retirement plans in line with those in the private sector. [2] FERS consists of three major components:
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