Madison school district enjoys budgetary success. Near the start of the 2010s, Madison District Public Schools moved out of deficit, bringing its expenditures in line with its revenues. Since then, the district has continued to improve its financial picture by leaps and bounds.
The Social Security tax rate is assessed on all types of income earned by an employee including salaries, wages, and bonuses. However, there is an income limit to which the tax rate is applied. For 2017, the Social Security tax is taken from income up to an annual limit of $127,200. Any amount earned above $127,200 is Social Security tax-free.
FICA Taxes. FICA taxes are the combined total of Social Security and Medicare taxes you pay on certain sources of income. These taxes are withheld at flat percentage rates, based on your total earnings subject to FICA. FICA payments withheld are converted to credits and posted to your Social Security account. These credits determine the amount of Social Security benefits you receive during retirement.