Tocalculate the FICA withholdingfor employees, you must take the employee's gross pay and multiply it by the employee rate of 7.65%. There are two important points you must watch in your calculations: You must ensure that each employee's total gross pay for the year does not exceed theSoci...
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Of the 15.3% self-employment tax rate, Medicare tax makes up 2.9%. And, you must pay the additional Medicare tax when you earn above $200,000 (single), $250,000 (married filing jointly), or $125,000 (married filing separately). ...
Medicare tax withholding rates:The rate for the Medicare tax is set at 1.45% of a worker's gross profit, and the business segment matches that 1.45%. The worker's part is deducted from their wages while the business pays their portion straightforwardly. A few workers may likewise need to ...