Contractors must use the formats provided in the below Post Award Exhibits. Contractors are required to justify their Economic Price Adjustment (Clause 552.216-70), Price Increases above 10% and 25% for paper products with letters from their suppliers or any other sources that are applicable.
Previously, the victory tax was applied to all medalists' reward money and the value of their medals. During the last Olympics, gold medalists received a sum of $25,000, silver medalists raked in $15,000, and bronze winners collect $10,000 â all of which were taxed as income. Meanwhile the value of medals were roughly $600 for gold, $300 for silver, and only $4 for bronze (which are mostly made out of copper).
The largest of these social insurance taxes are the two federal payroll taxes, which show up as FICA and MEDFICA on your pay stub. The first is a 12.4 percent tax to fund Social Security, and the second is a 2.9 percent tax to fund Medicare, for a combined rate of 15.3 percent. Half of payroll taxes (7.65 percent) are remitted directly by employers, while the other half (7.65 percent) are taken out of workersâ paychecks. Who Really Pays Payroll Taxes? Perhaps one of the best-kept secrets of payroll taxes is that employees effectively pay almost the entire payroll tax, instead of splitting the burden with their employers.