In the first video on social security, I keep talking about how the tax that you pay for Social Security is called the FICA tax. What I want to do in this video is, one, let you know what FICA actually stands for, and then think a little bit about how it is actually calculated. So first, what does it stand for? Literally, it just stands for Federal Insurance Federal Insurance Contributions Contributions Act. That's the acronym, and so it'd be FICA. And then some people will call it FICA tax. FICA tax is not just to support Social Security or to be technically correct to support the old age survivors and disability insurance. It's also part of FICA tax for Medicare. To make things clearer, the part that is sort of Social Security or we associate with Social Security, which is really the OASDI, part of it is for Social Security and then that part is 12.4% of the gross salary. But half of this is paid for by the employer and half is paid by the employee. The part that's paid by the employee is 6.2%, which is part of the payroll tax that the employer pays above and beyond the gross income that they're giving to the employee. The other thing that FICA tax is used for is Medicare. This is for a total amount of 2.9% of an employee's gross salary, or 1.45% from the employer as part of the payroll tax, and 1.45% from the employee. If you add these two things up, you get 15.3% total FICA tax, where, once again, half is paid by the employer and half is paid by the employee. Now let's just do a calculation so that it makes a little bit more tangible sense of what I'm even...
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2023 futa credit reduction california Form: What You Should Know
Oct 27, 2024 — Reduced amount for employees paid by payroll deduction and any other amount paid in the taxable year of 2025. Nov 21, 2024 — Reduced amount for employees paid by payroll deduction and any other amount paid in the taxable year of 2022. What I'm asking is what will happen to 2024 wage and tax contributions? How about 2024 tax liability? What about 2024 and prior years? Here's an estimated summary for your 2024 tax return; I hope, we'll be able to get a better idea for your 2024 taxes too. In the interim, you may need to submit additional information to your tax advisor.
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