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The two-year-old cut to payroll taxes was not extended. The rate had been reduced from 6.2% to 4.2% for 2011 and 2012. Some tax credits for poorer families were extended for five years, including ones for college tuition and an expansion of the Earned Income Tax Credit.
The Federal Insurance Contributions Act is a tax mechanism codified in Title 26, Subtitle C, Chapter 21 of the United States Code. [3] Social security benefits include old-age, survivors, and disability insurance (OASDI); Medicare provides hospital insurance benefits for the elderly. The amount that one pays in payroll taxes throughout one's ...
In the US, withholding by employers of tax on wages is required by the federal, most state, and some local governments. Taxes withheld include federal income tax, [3] Social Security and Medicare taxes, [4] state income tax, and certain other levies by a few states. Income tax withheld on wages is based on the amount of wages less an amount for ...
A 15.3% payroll tax funds Social Security (12.4%) and Medicare (2.9%). Wage earners and salaried employees contribute 6.2% and 1.45% of every paycheck to cover their half of entitlement funding.
The tax is paid by employers based on the total remuneration (salary and benefits) paid to all employees, at a standard rate of 14% (though, under certain circumstances, can be as low as 4.75%). Employers are allowed to deduct a small percentage of an employee's pay (around 4%). [7] Another tax, social insurance, is withheld by the employer.
Other Ways Tax Deductions Have Changed Recently. In addition to getting rid of tax exemptions, there were several more major changes to how tax deductions work. For one, the standard deduction was ...
The Middle Class Tax Relief and Job Creation Act of 2012 ( Pub. L. 112–96 (text) (PDF), H.R. 3630, 126 Stat. 156, enacted February 22, 2012 ), also known as the " payroll tax cut", was an Act of the United States Congress. The bill was passed by the U.S. House of Representatives on February 17, 2012 by a vote of 293‑132, and by the Senate ...
Self-Employment Expenses Self-employed taxpayers don't get a Form W-4 and can't take advantage of certain payroll deductions, but they can take advantage of many of the small-business tax deductions.
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