| General Explanations of the Administrations Fiscal Year 2013 Revenue Proposals Contributor(s): Department of the Treasury (Author) |
|
 |
ISBN: 1503374297 ISBN-13: 9781503374294 Publisher: Createspace Independent Publishing Platform OUR PRICE: $17.09 Product Type: Paperback - Other Formats Published: January 2015 |
| Additional Information |
| BISAC Categories: - Political Science | Political Economy - Business & Economics | Taxation - General |
| Physical Information: 0.46" H x 8.5" W x 11.02" (1.13 lbs) 216 pages |
| Descriptions, Reviews, Etc. |
| Publisher Description: The FICA tax is imposed to fund two different benefit programs: (1) the old-age, survivor and disability insurance program ("OASDI"), which funds the Social Security program that provides monthly retirement, disability, and survivor benefits; and (2) Medicare hospital insurance ("HI"). Generally, the OASDI tax rate of 12.4 percent applies to taxable wages and salaries up to the OASDI wage base ($106,800 for 2011 and $110,100 for 2012), and the HI tax of 2.9 percent applies to all taxable wages and salaries. Generally, one-half of both OASDI and HI taxes are paid by the employer and the other half are paid by the employee through mandatory withholding. |