â¢ MINOR PREMISE (noun) The noun MINOR PREMISE has 1 sense: 1. the premise of a syllogism that contains the minor term (which is the subject of the conclusion) Familiarity information: MINOR PREMISE used as a noun is very rare.
The additional tax rate is 0.9% on employee income (employers do not have to contribute to this additional tax). The additional Medicare tax is effective for income over a specific level, depending on the individual's federal income tax filing status.
FICA stands for the Federal Insurance Contributions Act and funds Social Security and Medicare. The amount you pay to FICA depends on your income. Currently, the Social Security tax rate is 6.2% of gross salary with an annual maximum tax of $7,886.40. The Medicare tax rate is 1.45% of all income with no annual maximum.