Social Security and Medicare Taxes
Federal social insurance taxes are imposed equally on employers and employees, consisting of a tax of 6.2% of wages up to an annual wage maximum ($106,800 in 2010) for Social Security plus a tax of 1.45% of total wages for Medicare. For 2011, the employee's contribution was reduced to 4.2%, while the employer's portion remained at 6.2%. To the extent an employee's portion of the 6.2% tax exceeds the maximum by reason of multiple employers, the employee is entitled to a refundable tax credit upon filing an income tax return for the year.
Read more about this topic: Taxation In The United States, Payroll Taxes
Other articles related to "social security and medicare taxes, social, taxes, social security":
... Federal social insurance taxes are imposed on employers and employees, ordinarily consisting of a tax of 6.2% of wages up to an annual wage maximum ($110,100 in 2012 ...
... H-1B employees have to pay Social Security and Medicare taxes as part of their payroll ... Like US citizens, they are eligible to receive Social Security benefits even if they leave the United States, provided they have paid Social Security benefits for at least 10 years ... countries to ensure that the time paid into the US Social Security system, even if it is less than 10 years, is taken into account in the foreign country's comparable system and vice versa ...
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