Are you confused or confounded about the money taken out of your paycheck every week? Wondering what Social Security and Medicare taxes have to do with you? Here’s what to know about U.S. federal ...
Individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) pay an additional 0.9% in Medicare taxes. These taxes from your paycheck fund the Social Security and ...
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Why FICA Taxes Are Taken Out Of Your Paycheck
Looking at the line-item deductions on your paycheck, you might have wondered what exactly FICA is, and why it's taking money out of your earnings. FICA is an acronym for the Federal Insurance ...
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