FICA Tax
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Uploader Comments (khanacademy)
All Comments (20)
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@khanacademy Which is awkward, because a person's medical expenses aren't going to go up just because they're upper class (if anything it's going to be less since they're healthier), whereas their retirement expenses are probably going to be somewhat higher.
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Increase everyones taxes. Simple fix.
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Employee pays half, employer pays half. What dose that even mean?
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@mbogie203....We all should care.
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who cares?
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As of Jan 1, 2011, the SS rate is temporarily different for employers than for employees, I believe. 6.2% for employers' portion, but only 4.2% for employees.
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does the employer stop paying the social security part (6.2%) once the $106,800 is reached?
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Great video!!!!!!
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Thanx for the upload. Timing is everything. I needed this one.Thanks
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@1Natick1 The Internet tells me the maximum monthly payout is $2366 for someone who contributed the maximum from age 21 to 66. Seems like someone in that situation is already getting an abysmal return on their contribution.
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Good video. One point of clarification....the $106,800 limit only applies to the OASDI portion of FICA tax, the limit does not apply to the medicare portion.
michael501a 6 months ago 8
@michael501a correct, I should have mentioned that
khanacademy 6 months ago 6