Giving students an environment where they can explore learning in new and innovative ways is an exciting part of our future. But the main focus of this vision is that kids do matter...all children, everyone of them has the ability and opportunity to learn. We provide that in the Madison schools and look forward to a great future of success.
Image source: Getty Images. Social Security tax is one part of the Federal Insurance Contribution Act (FICA) tax, and it is assessed at a rate of 12.4%. This is split evenly between the employee and employer, and it applies to earned income up to $118,500 for 2016 -- resulting in a maximum Social Security tax of $14,694. The remainder of FICA tax goes to Medicare.
Topic 751 - Social Security and Medicare Withholding Rates. Taxes under the Federal Insurance Contributions Act (FICA) are composed of the old-age, survivors, and disability insurance taxes, also known as social security taxes, and the hospital insurance tax, also known as Medicare taxes.