General Explanations of the Administrations Fiscal Year 2013 Revenue Proposals

By U.S. Department of the Treasury

The FICA tax is imposed to fund two different benefit programs: (1) the old-age, survivor and disability insurance program ("OASDI"), which funds the Social Security program that provides monthly retirement, disability, and survivor benefits; and (2) Medicare hospital insurance ("HI"). Generally, the OASDI tax rate of 12.4 percent applies to taxable wages and salaries up to the OASDI wage base ($106,800 for 2011 and $110,100 for 2012), and the HI tax of 2.9 percent applies to all taxable wages and salaries. Generally, one-half of both OASDI and HI taxes are paid by the employer and the other half are paid by the employee through mandatory withholding.

• Format: Paperback
• Language: English
• ISBN: 1503374297
• ISBN13: 9781503374294
• Release Date: January 2015
• Publisher: Createspace Independent Publishing Platform
• Length: 216 Pages
• Weight: 1.13 lbs.
• Dimensions: 0.5" x 8.5" x 11.0"