{
"item_title" : "General Explanations of the Administrations Fiscal Year 2013 Revenue Proposals",
"item_author" : [" Department of the Treasury "],
"item_description" : "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.",
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General Explanations of the Administrations Fiscal Year 2013 Revenue Proposals
Overview
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.
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Details
- ISBN-13: 9781503374294
- ISBN-10: 1503374297
- Publisher: Createspace Independent Publishing Platform
- Publish Date: January 2015
- Dimensions: 11.02 x 8.5 x 0.46 inches
- Shipping Weight: 1.13 pounds
- Page Count: 216
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