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The Federal Insurance Contributions Act ( FICA / ˈfaɪkə /) 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.
For the Old Age, Survivors and Disability Insurance (OASDI) tax or Social Security tax in the United States, the Social Security Wage Base ( SSWB) is the maximum earned gross income or upper threshold on which a wage earner's Social Security tax may be imposed. The Social Security tax is one component of the Federal Insurance Contributions Act tax (FICA) and Self-employment tax, the other ...
The proposed America's Affordable Health Choices Act of 2009 ( H.R. 3200) was an unsuccessful bill introduced in the U.S. House of Representatives on July 14, 2009. The bill was introduced during the first session of the 111th Congress as part of an effort of the Democratic Party leadership to enact health care reform. The bill was not approved by the House, but was superseded by a similar ...
Social Security tax: Both you and your employer contribute 6.2 percent of your wages up to a capped amount called the taxable maximum ($168,600 in 2024).
Unlike federal income tax, which goes into general revenues, FICA taxes are specifically earmarked for certain programs. Specifically, this tax pays for Social Security and Medicare.
Under FICA, employees and employers make a contribution — in the form of a tax on their income — to fund Social Security and Medicare programs. For each pay period, employees and employers are ...
Medicare is a federal health insurance program in the United States for people age 65 or older and younger people with disabilities, including those with end stage renal disease and amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease). It was begun in 1965 under the Social Security Administration and is now administered by the Centers for Medicare and Medicaid Services (CMS).
Yes, Medicare premiums are tax deductible as a medical expense as long as you meet two requirements. First, you must itemize your deductions on your tax return to deduct them from your taxable income.