What is the meaning of fica tax, Accounting Basics

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FICA Tax (Social Security)

Both the employee and the employer contribute equally.

OASDI has a Taxable Wage Base that is the maximum amount of earnings during a calendar year that is subject to OASDI taxes.

($102,000) tax rate is 6.2% for the first $102,000 earned.

HI has no maximum amount, and hence all earnings are subject to HI. Tax rate is 1.45% of all earnings.

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