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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.
In 2013, the employee rate returns to 6.2% for a 50/50 split with the employer and a higher Maximum Contribution. For self-employed people, the 2013 guidance from SSA indicates the full rate OASDI is 12.4% for 2013. See footnote a. at 2013 SSA.gov link. Returning to the traditional 6.2% OASDI employee share for 2013 effectively reduces take ...
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 ...
FICA Tax Rate. 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 ...
Yet even with the compromise, several new taxes in 2013 will raise tax bills for. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 more ways to ...
What is the FICA tax rate? The FICA tax rate is 15.3% of your gross wages. The tax is divided between Social Security, which receives 6.2%, and Medicare, which receives 1.45%. If you're a W-2 ...
In 2013 Congress passed a supplemental tax to help boost revenue for the Medicare program. This is known as the Net Investment Income Tax. ... Medicare taxes are part of FICA taxes, a flat-rate ...
Corporate tax rates were lowered from 48% to 46% in 1981 ... It introduced the FICA tax as the means to pay for Social Security. ... 2013. Weisman, Steven R. (2002). ...