Yes, double that. I was clarifying exactly what FICA was for the previous poster. Also as others have pointed out, unless you are a 1099 employee or business owner that pays yourself wages, you will see a 7.65% savings unless/until YTD gross pay hits $137,700 before year-end, in which case the Soc Security portion (6.2%) is waived.
No fed tax. Still FICA I believe
correct, would take an act of congress to touch those
Payroll taxes are FICA and Medicare if I’m not mistaken
FICA is Social Secuirty (6.2%) and Medicare (1.45%).
Yes, double that. I was clarifying exactly what FICA was for the previous poster. Also as others have pointed out, unless you are a 1099 employee or business owner that pays yourself wages, you will see a 7.65% savings unless/until YTD gross pay hits $137,700 before year-end, in which case the Soc Security portion (6.2%) is waived.