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10 July, 12:51

Compute the fica taxes and the employer's fica taxes

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  1. 10 July, 13:02
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    Employers and employees split the tax. For both of them, the current Social Security and Medicare tax rates are 6.2% and 1.45%, respectively. So each party pays 7.65% of their income, for a total FICA contribution of 15.3%. To calculate your FICA tax burden, you can multiply your gross pay by 7.65%.
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