The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.
The maximum social security contribution limit is 6621 at 6.2% up to gross wages earned income limited amount of 106800. No limit on the amount of gross earned income that is subject to the Medicare tax rate of 1.45% of gross income.
If you are a self employed taxpayer then you are responsible for all of your own FICA self employment taxes of 15.3% plus any income taxes on your net profit from your business operation at your marginal tax rate.
For those with well above average income, the Federal income tax withholding may be far more than FICA; FICA is capped, but income tax and the medicare tax is not.
There are no taxes on workers comp
They don't.
All workers in America, regardless of religious beliefs, are subject to the same taxes.
Property taxes.
Yes everybody must pay taxes.
The Social Security Administration collects taxes from workers to pay benefits and living expenses for the dependents and survivors of deceased workers.
People must pay federal taxes in order to provide funding for Congress, the Supreme Court, and the Presedent and other executives. The need the money in order to pay workers or carry out federal laws. Also, we have to pay state taxes to pay our governer and other local legislatures. So we have to pay both federal and state taxes and if you don't, your in trouble. (:
Workers Compensation benefits are completely non-taxable for federal income taxes.
No. The seller must honor the contract.
Yes, they do.
the social security taxes you pay provide benefits for workers who have already retired. ======= There might not be enough younger workers if populations are declining or the younger workers may not earn enough to support themselves and pay the promised benefits to the older workers as the economy declines.
Citizens must pay taxes and must collect taxes.