The Russian president takes the crown from U.S. President Barack Obama, who has been on top every time except 2010, when Chinese president Hu Jintao briefly took his place. Let's begin by saying this: The list is right, Putin is clearly the most powerful person in the world right now. However, the Forbes list shouldn't be a shock â it's correcting itself.
MEDI is the Medicare tax withheld for contributions to the social insurance system better known as Medicare insurance. It is calculated at 1.45% of gross wages minus pre-tax deductions such as family medical and dental premiums. There is no limit on wages on which the tax is calculated. more.
FICA withholding is calculated based upon an established taxation rate. For 2012, the rate of Social Security withholding was 4.2 percent up to a limit of $4,624.20. Medicare withholding was 1.45 percent. The base amount of income taxable for FICA is referred to as the Social Security wage base. For 2012, the base was $110,100, as stated by the Social Security Administration. The increase of average national wages results in an increase of the Social Security wage base.