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However, that changes for high earners, just like it does for FICA taxes, with your Social Security taxes only applying to the first $142,800 in earnings and an additional 0.9% Medicare tax on ...
Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. [1] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.
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.
Keeping it simple, Alex and Jesse both draw salaries of $94,200 (which is the Social Security Wage Base for 2006, after which no further Social Security tax is owed). Employee salaries are subject to FICA tax (Social Security & Medicare tax) – currently 15.3 percent (6.2% Social Security paid by the employee; 6.2% Social Security paid by the ...
However, that changes for high earners, just like it does for FICA taxes, with your Social Security taxes only applying to the first $142,800 in earnings and an additional 0.9% Medicare tax on ...
These are only a few of the federal forms.States have many equivalent forms and reporting requirements. Taken together, these tax information reporting forms touch hundreds of millions of individuals and businesses, and require a large time commitment on the part of businesses, nonprofit organizations, and educational institutions to administer, prepare and file.
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