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.
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 ...
Famous quotes containing the words taxes, social and/or security:
“The prairies were dust. Day after day, summer after summer, the scorching winds blew the dust and the sun was brassy in a yellow sky. Crop after crop failed. Again and again the barren land must be mortgaged for taxes and food and next years seed. The agony of hope ended when there was not harvest and no more credit, no money to pay interest and taxes; the banker took the land. Then the bank failed.”
—Rose Wilder Lane (18861968)
“The new supplants the old. Yet mens minds are stuffed with outworn bunk. Educating the young in the latest findings of authorities and scholars in the social sciences is important. It is equally important to devise ways and means for aiding the middle-aged and old to reexamine hang-over unscientific doctrines and ideas in the light of recent discovery and research.”
—Mary Barnett Gilson (1877?)
“We now in the United States have more security guards for the rich than we have police services for the poor districts. If youre looking for personal security, far better to move to the suburbs than to pay taxes in New York.”
—John Kenneth Galbraith (b. 1908)