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What is FICA?
FICA (Federal Insurance Contributions Act) taxes are handled by the Social Security Administration, as they are payroll withholdings that go toward Social Security and Medicare funds.
Most people will have half of their FICA paid by their employer, but self-employed people must pay it all on their own, which is called the “Self-Employment Tax.” FICA is a tax on employees and employers that funds the Social Security and Medicare programs of the United States.
12.4% of employee compensation (up to $118,500 in 2016) goes toward Social Security, with half of the tax paid by your employer if you are not self-employed.
The Medicare tax is 2.9%, with half of it being paid by an employer, but an additional 0.9% is due from people whose income is over $200,000 or $250,000, depending on whether they file as single or married. Self-employed people must pay the entire 12.4% social security tax themselves; when combined with the Medicare tax, this is known as the Self Employment Tax.
The nice thing about these taxes is that they have direct benefits to the citizen paying them, because everyone who paid in to social security will be able to draw an income from it at a certain age, and Medicare benefits are available to everyone at age 65.
When Will Social Security Go Bankrupt?
What Kinds of Social Security Benefits Exist?
What factors affect currency exchange rates?
Currency exchange rates will fluctuate with various macroeconomic factors such as inflation, interest rates, and so on
How can I check if my portfolio is diversified?
With our Diversification Score® tool, an investor can input their portfolio holdings, and our A.I. will provide a score
What is Home Equity?
Home equity is a notional amount that a person owns at any given time, which is computed as the market value of a...
What is a Living Will?
A Living Will is a document that dictates your wishes in the event you become incapable of making decisions
What is the Glass-Steagall Act?
The Glass-Steagall Act was passed in 1933 to place a dividing wall between commercial banking and investment banking
Who is a Bill Collector?
Bill Collectors jobs are to extract as much payment from those who are past-due on payment obligations
What are Articles of Incorporation?
Articles of Incorporation are legal documents which contain the most pertinent information about a company at formation
What is a strike price?
A strike price names the price of the underlying security in an options contract at which the underlying security will trade
Is there any truth to saying “sell on Rosh Hashanah, buy on Yom Kippur?”
An old saying stipulates that you should sell your positions on Rosh Hashanah, and establish a new position on Yom Kippur