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Form W-4 is an IRS tax form completed by an employee to indicate their current tax situation. ... you can claim exemption from income tax — but not Social Security or Medicare tax ...
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 6.2% each.
Once the form is completed, return it to your local Social Security office by mail or in person. If you want to make any changes in the future, you’ll need to fill out a new Form W-4V.
The form provides the employer with a Social Security number. Also, on the form employees declare the number of withholding allowances they believe they are entitled to. Allowances are generally based on the number of personal exemptions plus an amount for itemized deductions, losses, or credits. Employers are entitled to rely on employee ...
The employer is also liable for 6.2% Social Security and 1.45% Medicare taxes, [10] making the total Social Security tax 12.4% of wages and the total Medicare tax 2.9%. (Self-employed people are responsible for the entire FICA percentage of 15.3% (= 12.4% + 2.9%), since they are in a sense both the employer and the employed; see the section on ...
The Federal Insurance Contributions Act (FICA) (codified in the Internal Revenue Code) imposes a Social Security withholding tax equal to 6.20% of the gross wage amount, up to but not exceeding the Social Security Wage Base ($97,500 for 2007; $102,000 for 2008; and $106,800 for 2009, 2010, and 2011). The same 6.20% tax is imposed on employers.
The W-4 form is an Employee’s Withholding Allowance Certificate designed to let your employer know how much of your income to withhold for federal taxes. ... Social security number. City, state ...
Form W-4 (officially, the "Employee's Withholding Allowance Certificate") [1] is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of federal tax to withhold from an employee ...