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.
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.ICA 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.