Respuesta :
The Federal Insurance Contributions Act (FICA) tax, which includes Social Security and Medicare, is known as the FICA tax.
The federal income tax is levied against the yearly profits of people, companies, and other legal entities. Federal income taxes are due on all compensation, including salaries, monetary gifts from employers, business profits, tips, winnings from gaming, bonuses, and unemployment benefits.
In 2022 and 2023, FICA taxes will account for 15.3% of all wages. It is broken down into a mandatory Social Security contribution of 12.4% of earned income up to an annual cap and a mandatory Medicare contribution of 2.9%.
The Medicare portion of the tax does not have an income cap (or wage base limit), therefore regardless of your income level, you are still required to pay your share of the 2.9% tax on all wages received for the year. However, the Social Security tax does include a wage-based cap, meaning there is a maximum wage that is subject to the tax for that year and there are no additional taxes to be paid beyond that.
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