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.
Â· just now. 1  No. The 25% only applies to Federal income taxes, and then only to the amounts of money that exceed the level where the 25% rate kicks in. 2  FICA taxes are not federal income taxes. 3  No, just federal income tax, not FICA or OASDI (which is state ayway). 4  Social Security and Medicare are separate.