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Video instructions and help with filling out and completing social security tax withholding calculator

Instructions and Help about social security tax withholding calculator

And we've already begun to see the squeeze that the long-living baby-boomers will place on Social Security Social Security taxes already have increased and benefits already have been cut Social Security taxes known as payroll or FICA taxes increased from less than 6% in nineteen seventy six to seven point six five percent in 1990 this rate is levied on both employees and employers so the total FICA tax is now over fifteen percent of your salary also the taxable wage base grew dramatically over this time in 1976 you paid FICA taxes on only the first $17,000 in wages now you pay taxes on your first sixty two thousand dollars in wages by the way ficus stands for Federal Insurance Contributions Act but make no mistake these are taxes not contributions if you decide not to contribute this year you'll be getting a telephone call the IRS almost ruthlessly pursues those who don't pay their payroll taxes FICA taxes are also hard to avoid there are no exemption levels as there are with income taxes you pay FICA taxes on your first dollar of wages although you can defer income taxes via retirement accounts you can't avoid FICA taxes so FICA taxes hit low-income people especially hard

FAQ

How can I calculate exactly how much total state/federal/social security will be deducted for my paychecks?
How can I calculate exactly how much total state/federal/social security will be deducted for my paychecks? Why are there so few things that you can do online with Social Security? For example you can't even do something as simple as changing your tax withholding. For a tax return, do I receive all the money that I paid into the federal income tax, the Social Security tax, and the Medicare tax or just the federal income tax amount? How do we calculate tax deductions for a private employee? How accurate is the concern that Social Security money will one day run out and when are latest forecasts saying that it might run out? Do you have to pay different taxes on bonuses? What is payroll? What's the best way to explain payroll tax computation? Why does the US government impose such high taxes on individuals making over a quarter million dollars per year? I make over $250,000 a year and I don't understand why I have to pay a total of 57% of my income in taxes.