Federal Insurance Contributions Act taxes

URI: https://gptkb.org/entity/Federal_Insurance_Contributions_Act_taxes
GPTKB entity
Statements (37)
Predicate Object
gptkbp:instanceOf gptkb:tax_law
gptkbp:abbreviation gptkb:FICA_taxes
gptkbp:appliesTo employers
employees
gptkbp:component gptkb:Medicare_tax
gptkb:Social_Security_tax
gptkbp:country gptkb:United_States
gptkbp:dateEnacted 1935
gptkbp:excludes certain religious groups
some state and local government employees
gptkbp:fundedBy gptkb:Old-Age,_Survivors,_and_Disability_Insurance_(OASDI)
gptkb:Hospital_Insurance_(HI)_Trust_Fund
https://www.w3.org/2000/01/rdf-schema#label Federal Insurance Contributions Act taxes
gptkbp:imposedBy gptkb:federal_government_of_the_United_States
gptkbp:legalBasis gptkb:Federal_Insurance_Contributions_Act
gptkbp:matchedBy employer
gptkbp:Medicare_additional_tax_applies_to high-income earners
gptkbp:Medicare_additional_tax_rate 0.9%
gptkbp:Medicare_additional_tax_threshold_(single_filer,_2024) $200,000
gptkbp:Medicare_tax_rate_(employee) 1.45%
gptkbp:Medicare_tax_rate_(employer) 1.45%
gptkbp:not_paid_by self-employed (directly)
gptkbp:notableCollection gptkb:Internal_Revenue_Service
gptkbp:purpose fund Medicare
fund Social Security
gptkbp:self-employed_pay_equivalent_tax gptkb:Self-Employment_Contributions_Act_tax
gptkbp:Social_Security_tax_rate_(employee) 6.2%
gptkbp:Social_Security_tax_rate_(employer) 6.2%
gptkbp:Social_Security_wage_base_limit_(2024) $168,600
gptkbp:taxStatus payroll tax
gptkbp:total_tax_rate_(employee) 7.65%
gptkbp:total_tax_rate_(employer) 7.65%
gptkbp:withheldFrom employee wages
gptkbp:bfsParent gptkb:Disability_Insurance_Benefits
gptkb:Old-Age_Insurance_Benefits
gptkb:Social_Security_Trust_Funds
gptkbp:bfsLayer 6