The Christmas Cove Dyke of coastal Maine, USA, and regional sources ... by McHone, J. Gregory; Hussey, Arthur M., II; West, David P., Jr.; Bailey, David G. / Atlantic Geology.
Social security and Medicare taxes have different rates and only the social security tax has a wage base limit. The wage base limit is the maximum wage subject to the tax for the year. Determine the amount of withholding for social security and Medicare taxes by multiplying each payment by the employee tax rate. There are no withholding allowances for social security and Medicare taxes.
The IRS collects federal income tax as well as Federal Insurance Contributions Act payroll tax, which funds the Social Security and Medicare insurance programs. For the income tax, the IRS allows you to deduct certain expenses, including some other taxes that you pay.