You may also adopt an operating agreement. A single member of the LLC or an unlimited number of members may set up a Minnesota LLC. Members of a Minnesota LLC may include individuals, corporations, other LLCs, foreign entities or partnerships.
Different rates apply for these taxes. The current tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.
FICA taxes consist of Social Security tax and Medicare tax. In 2012, the FICA tax rate is 5.65 percent, which breaks down to 4.2 percent for Social Security and 1.45 percent for Medicare.Employers calculate the FICA tax using your gross pay.There is an annual wage limit for Social Security tax. In 2012, the wage limit is $110,800.n this case, the Social Security tax calculation is 4.2 percent multiplied by $1,788.54, which works out to be $75.12. The Medicare tax portion is $25.93, or 1.45 percent multiplied by $1,788.54. Your total FICA taxes are $101.05.