Federal Insurance Contributions Act (FICA) taxes

URI: https://gptkb.org/entity/Federal_Insurance_Contributions_Act_(FICA)_taxes
GPTKB entity
Statements (36)
Predicate Object
gptkbp:instanceOf payroll tax
gptkbp:additionalMedicareTaxRate 0.9%
gptkbp:additionalMedicareTaxThresholdMarried $250,000
gptkbp:additionalMedicareTaxThresholdSingle $200,000
gptkbp:administeredBy gptkb:Internal_Revenue_Service
gptkbp:appliesTo wages
gptkbp:appliesToSelfEmployed yes
gptkbp:codifiedIn gptkb:26_U.S._Code_Chapter_21
gptkbp:dateEnacted 1935
gptkbp:excludes certain nonresident aliens
certain religious groups
some student employees
gptkbp:fundedBy gptkb:Old-Age,_Survivors,_and_Disability_Insurance_(OASDI)
gptkb:Hospital_Insurance_(HI)
https://www.w3.org/2000/01/rdf-schema#label Federal Insurance Contributions Act (FICA) taxes
gptkbp:imposedBy gptkb:United_States_federal_government
gptkbp:includes gptkb:Medicare_tax
gptkb:Social_Security_tax
gptkbp:MedicareTaxRate 1.45%
gptkbp:MedicareWageBaseLimit none
gptkbp:notDeductedFrom independent contractor payments
gptkbp:pays employers
employees
gptkbp:purpose fund retirement, disability, and hospital insurance programs
gptkbp:rateForEmployees 7.65%
gptkbp:rateForEmployers 7.65%
gptkbp:reportedByEmployersOn gptkb:Form_941
gptkbp:reportsTo gptkb:Form_W-2
gptkbp:selfEmployedTaxName gptkb:Self-Employment_Contributions_Act_(SECA)
gptkbp:Social_SecurityTaxRate 6.2%
gptkbp:SocialSecurityWageBaseLimit2024 $168,600
gptkbp:usedFor gptkb:Medicare
Social Security
gptkbp:withheldFrom employee paychecks
gptkbp:bfsParent gptkb:Title_II_of_the_Social_Security_Act
gptkbp:bfsLayer 5