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United States portal. v. t. e. The Federal Insurance Contributions Act (FICA / ˈfaɪkə /) is a United States federal payroll (or employment) tax payable by both employees and employers to fund Social Security and Medicare [1] —federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.
The United States federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. The amount of EITC benefit depends on a recipient's income and number of children. Low-income adults with no children are eligible. [1]
Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (e.g. medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI.
The Additional Medicare Tax is a 0.09% tax on taxpayers who make over $200,000 as individuals or $250,000 as married couples. Started in 2013 as a part of the Affordable Care Act, it helps fund ...
Unemployment insurance is funded by both federal and state payroll taxes. In most states, employers pay state and federal unemployment taxes if: (1) they paid wages to employees totaling $1,500 or more in any quarter of a calendar year, or (2) they had at least one employee during any day of a week for 20 or more weeks in a calendar year, regardless of whether those weeks were consecutive.
A flexible spending account (FSA) is an account that allows you to save pre-tax dollars and use them toward your medical and dependent care expenses. Many employers offer FSAs as a benefit. You ...
The impact to employment would be an increase of 0.8 million to 2.3 million by last-2009, an increase of 1.2 million to 3.6 million by late 2010, an increase of 0.6 million to 1.9 million by late 2011, and declining increases in subsequent years as the U.S. labor market reaches nearly full employment, but never negative. [32]
In the US, withholding by employers of tax on wages is required by the federal, most state, and some local governments. Taxes withheld include federal income tax, [3] Social Security and Medicare taxes, [4] state income tax, and certain other levies by a few states. Income tax withheld on wages is based on the amount of wages less an amount for ...