Employee portion of social security tax, Basic Statistics

Employee portion of Social Security tax

A key part of paycheck bookkeeping is the Public Protection tax (The Public Protection tax along with the Medical health insurance tax make up what is generally known as FICA). Public Protection tax is taken out from a worker's wage or income and the company is also required to pay a Public Protection tax. In other terms, the company is accountable for remitting to the administration both the worker and the company associated with the Public Protection tax. As a result, Public Protection tax is both staff retaining and a company cost. (The formal name for the program borrowed by the Public Protection tax is Old Age, Heirs and Incapacity Insurance, or OASDI. As the name indicates, this program will pay pension, disability, family, and survivors' benefits.)

In 2011, the quantity of Public Protection tax that and company must hold from staff is 4.2% of the first $106,800 of the worker's yearly income and salary; any quantity above $106,800 is not topic to Public Protection tax withholdings. For example:

If staff generates $40,000 in income this year, the whole $40,000 is topic to withholdings at 4.2%, for a complete yearly retaining of $1,680.

If a professional generates $300,000 in wage this year, only the first $106,800 of the wage is topic to the Public Protection tax of 4.2%, for a complete yearly retaining of $4,485.60. (The staying $193,200 of wage is not topic to Public Protection tax withholdings, although it will be topic to the Medical health insurance tax mentioned in the next area.)

The quantity withheld—and the company’s portion—is revealed as a current obligation until the volumes are remitted to the got by the company.

Expertsmind.com offers unique accounting assignment help

Posted Date: 3/31/2012 4:04:06 AM | Location : United States







Related Discussions:- Employee portion of social security tax, Assignment Help, Ask Question on Employee portion of social security tax, Get Answer, Expert's Help, Employee portion of social security tax Discussions

Write discussion on Employee portion of social security tax
Your posts are moderated
Related Questions
midpoint of class containing highest frequency

An individual has $ 100 initially. He repeatedly plays a game of chance in which he earns $ 100 with probability 0.8 or loses $ 100 with probability 0.2. The stops playing at the f

Stratified Sampling: If the population from which a sample is to be drawn does not constitute a homogenous group, then stratified sampling technique is applied so as to obtain a re

Derive the profit function P (p) and the supply function (or correspondence) y (p)for the following three Single-output technologies, whose production functions f (z) are:

For this second assignment you will have to use the OECD database to investigate possible changes in the policy preferences of Western welfare states. You have to develop (i) an in

In a mathematics examination the average grade was 82 and the standard deviation was 5. all students with grade from 88 to 94 received grade of B. if the grade are approximately no

Financial sales and building sensible financial help Conceptual structure can be identified as a structure. It is a structured design of connected goals and fundamental concept


you are studying the relationship between the number of academic credit hours graduate students spent studying Multicultural Counseling Skills and their current clients' overall pe

does interest realized come under debit or credit side of trial balance pleases i need answer