A legal procedure by which a creditor can collect what a debtor owes by reaching the debtor's property when it is in the hands of someone other than the debtor. Garnishment is a drastic measure for collecting a debt. A court order of garnishment allows a creditor to take the property of a debtor when the debtor does not possess the property. A garnishment action is taken against the debtor as defendant and the property holder as garnishee.
FICA & Medicare Payroll Tax Rates for 2013. 2013 FICA and Medicare Tax Rates. The rate is 7.65% in total: 6.2% for the Social Security portion and 1.45% for Medicare. FYI, this had been reduced by 2% to 4.2% over the past few years as part of payroll tax holiday to help with the economic recovery. Social Security.
The largest of these social insurance taxes are the two federal payroll taxes, which show up as FICA and MEDFICA on your pay stub. The first is a 12.4 percent tax to fund Social Security, and the second is a 2.9 percent tax to fund Medicare, for a combined rate of 15.3 percent. Half of payroll taxes (7.65 percent) are remitted directly by employers, while the other half (7.65 percent) are taken out of workersâ paychecks.