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Actual for You - Feeling FICA
An expense report is the statement covering all the expenses of official or personal travel of an employee that is to be submitted to the employer for the purpose of reimbursement. Expense reports also serve the purpose of personal record of the expenses or for accounting and tax payment preparation. The expenses generally include air/train fare, hotel accommodations, food expenditures and other travel-related expenses. Often, the employees take too much time for
Time attendance equipment is a device that keeps track of employee’s hours in an organization. There are several time attendance equipments available in the market and some are manufactured as per the requirements of the particular organization. Most time attendance equipment allows employees to use their thumbprint or swipe a card to record time. Some uses retinas and palms. Time attendance equipment helps to manage working hours in various fields. Certain time a
FICA stands for the Federal Insurance Contributions Act. The history of the act reverts back to the year 1935, when the government implemented the social security program. A provision to include social security taxes was included in this act. However, due to concerns over the constitutionality of the 1935 act, there were amendments made and the provision for collecting social security taxes was moved to the Internal Revenue Code in 1939. At this time it was renamed the Federal Insurance Contributions Act.
What is FICA exactly?
The Federal Insurance Contributions Act authorizes the IRS to collect taxes for the benefit of the social security program. Intuitively, we might think of these taxes as social security taxes, but more commonly they are referred to as FICA taxes. These FICA taxes serve as deposits into the federal social insurance program we think of today as Social Security.
According to FICA, you must contribute 12.4 percent of your earned income up to the predetermined limit of contributions, and another 2.9 percent must be contributed to Medicare. It is important to note that there is no earnings limit on the Medicare portion of the tax, and thus in practice one is taxed 2.9 percent of all earned income, regardless of your total income level.
For those working for hourly wages the tax levels are different. Hourly employees contribute 6.2 percent for Social Security and 1.45 percent for Medicare. Hopefully you noticed that this is just half of the standard rates. There is good reason for this as your employer is required to pay the other half of the rate for Social Security and Medicare contributions. In other words, for tho
Finding office machines can be a real problem is the budget is tight. But the problem can be solved when you shop smart. And let’s face it, furnishing an office and finding high quality office machines on budget can be a little bit of a challenge. But with a little more effort, nothing’s impossible. Usually, a cubicle in an office can fully furnished within $6,000...but let’s just say that if you shop smartly, you can get furnishing for each cubicle done for under
What is FICA exactly?
The Federal Insurance Contributions Act authorizes the IRS to collect taxes for the benefit of the social security program. Intuitively, we might think of these taxes as social security taxes, but more commonly they are referred to as FICA taxes. These FICA taxes serve as deposits into the federal social insurance program we think of today as Social Security.
According to FICA, you must contribute 12.4 percent of your earned income up to the predetermined limit of contributions, and another 2.9 percent must be contributed to Medicare. It is important to note that there is no earnings limit on the Medicare portion of the tax, and thus in practice one is taxed 2.9 percent of all earned income, regardless of your total income level.
For those working for hourly wages the tax levels are different. Hourly employees contribute 6.2 percent for Social Security and 1.45 percent for Medicare. Hopefully you noticed that this is just half of the standard rates. There is good reason for this as your employer is required to pay the other half of the rate for Social Security and Medicare contributions. In other words, for tho
Why Should You Take Action? Why should you realize your small business ideas?Why be successful?...Why be anything?The answers you get when you ask yourself these difficult questions, will determine if you can make it as a small business entrepreneur.Some of those questions are simple and can be answered in a straight forward manner. Why do you want to start a business? Why do you want to set goals for yourself? Etc.However, when you thi
According to FICA, you must contribute 12.4 percent of your earned income up to the predetermined limit of contributions, and another 2.9 percent must be contributed to Medicare. It is important to note that there is no earnings limit on the Medicare portion of the tax, and thus in practice one is taxed 2.9 percent of all earned income, regardless of your total income level.
For those working for hourly wages the tax levels are different. Hourly employees contribute 6.2 percent for Social Security and 1.45 percent for Medicare. Hopefully you noticed that this is just half of the standard rates. There is good reason for this as your employer is required to pay the other half of the rate for Social Security and Medicare contributions. In other words, for tho
Electronic fund transfers is a secure and efficient system that assists electronic payments and collections. However, EFT systems and securities may contain loopholes creating possibilities for EFT frauds. Over the years, EFT frauds have resulted in losses running into the millions.Fraud in an EFT occurs as a result of unauthorized instruction, alteration of the amount or name of the receiver, etc. A number of electronic funds transfer frauds have involved
For those working for hourly wages the tax levels are different. Hourly employees contribute 6.2 percent for Social Security and 1.45 percent for Medicare. Hopefully you noticed that this is just half of the standard rates. There is good reason for this as your employer is required to pay the other half of the rate for Social Security and Medicare contributions. In other words, for tho
There is a valuable lesson managers can learn about recruiting from professional sports. In professional sports, each change in a team's line-up makes headlines. Fans speculate how their team will fare with the loss of one player or the addition of another. And for coaches, every change in the line-up is critical, their jobs frequently hanging in the balance. Each pick, therefore, is based upon a careful, strategic, selection process. Moreover, the selection proce
How would you spend your FICA?
Let’s imagine we live in a perfect world, and we don’t have to pay taxes. That means no more contributions to FICA. Now, after the excitement settles down we must decide what to do with our extra income. Let’s pretend we work a part time job, because we are still studying to get our degree in economics. Fortunately, we have a decent job paying $11 bucks an hour assisting an up and coming lawyer. Typically, we put in a 25 hour work week, meaning we make about $275 a week. That is exactly $1100 dollars every month. If we made $1100 every month, the FICA taxes we would normally contribute would break down like this:
Social Security: $1100 X 6.2% = $68.20
Medicare: $1100 X 1.45% = $15.95
$84.15
So by not having to pay taxes, particularly FICA, we would increase our cash flow by $84.15 each month. Now the fun begins. What are the ways we could spend our hard earned cash. I know what I would do. I would begin by signing a lease agreement with TiVO for one of their popular digital video recording options. With this contract, I allocate $12.95 of my savings each month to the TiVO service. To complement my new DVR, I would go ahead and splurge on the best cable TV service in the area. I estimate t
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