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  2. FICA Tax Rate for 2023-2024: Everything You Need To Know - AOL

    www.aol.com/finance/fica-tax-rate-2023-2024...

    A type of payroll tax known as FICA funds a significant portion of these programs. ... It changes from year to year; the max Social Security taxable income for tax-year 2023 is $162,300, and for ...

  3. Federal Insurance Contributions Act - Wikipedia

    en.wikipedia.org/wiki/Federal_Insurance...

    The FICA tax was increased in order to pay for this expense. In December 2010, as part of the legislation that extended the Bush tax cuts (called the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010), the government negotiated a temporary, one-year reduction in the FICA payroll tax. In February 2012, the tax cut ...

  4. Social Security Wage Base - Wikipedia

    en.wikipedia.org/wiki/Social_Security_Wage_Base

    As part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 enacted on December 17, 2010, the employee Social Security tax rate is reduced from 6.2% to 4.2% for wages paid during the year 2011 and 2012. The employer Social Security tax rate and the Social Security Wage Base were not directly impacted by this ...

  5. What Is the FICA Tax Rate? Everything You Need to Know - AOL

    www.aol.com/fica-tax-rate-everything-know...

    All told, with the Federal Insurance Contributions Act, 12.4% of your paycheck is paid to the government for Social Security taxes and another 2.9% for Medicare, for a total FICA tax rate of 15.3% ...

  6. Here's the 1 Social Security Change in 2025 That's Going to ...

    www.aol.com/finance/heres-1-social-security...

    However, the amount of income subject to the Social Security portion of the FICA tax will change next year. The maximum taxable earnings is currently $168,600 but will rise to $176,100 in 2025.

  7. Progressivity in United States income tax - Wikipedia

    en.wikipedia.org/wiki/Progressivity_in_United...

    For example, the payroll tax system (FICA), a 12.4% Social Security tax on wages up to $117,000 (for 2013) and a 2.9% Medicare tax (a 15.3% total tax that is often split between employee and employer) is called a regressive tax on income with no standard deduction or personal exemptions but in effect is forced savings which return to the payer ...

  8. How Much Is Self-Employment Tax? - AOL

    www.aol.com/much-self-employment-tax-120001832.html

    The self-employment tax is comprised of two taxes: the Social Security tax and the Medicare tax (also known as the FICA tax). As of the tax year 2023, the FICA tax rate is 15.3% — that’s 12.4% ...

  9. How Much Will Taxes Be on $1 Million? It Depends on How You ...

    www.aol.com/much-taxes-1-million-bucks-140510142...

    However, you’ll escape FICA taxes on your winning bet. If the $1 million is from a long-term capital gain, such as the sale of stocks or real estate, you’ll pay a lower tax rate than if it ...

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