Social Security tax?

Question

I am 14, working at a corporation that is incorporated,during summertime.AM I EXPECTED TO PAY SOCIAL SECURITY AND MEDICARE TAX?IS MY EMPLOYER EXPECTED TO DO SO?

Answer 1

Yes, your employer will pay 1/2 of your social security tax. You'll pay the other half (about 7.5% of your gross income). Unfortunately, you'll never see a penny of it when you retire. Everything you pay in SS tax goes to fund current SS expenses. By the time you reach retirement age, social security will be bankrupt (by the federal governments own admission).

Answer 2

You are not exempt from FICA taxes (that's what they call SS and Medicare taxes) on the basis of income level or age. If you are considered an "employee", what you do is considered "employment," and what you get is considered "taxable wages", then FICA is taken out of your check.

The percentages are 6.2% for Social Security (aka OASDI) and 1.45% for Medicare (HI). Your employer matches the amount for both. The gross income limit for deducting SS tax is $93,000; there is no limit for Medicare tax.

Since you are 14, you would only be exempt if you were delivering newspapers or working for your school (or on a farm if you earned less than $150 in a calendar year).

Answer 3

yes, they are required , by law, to withhold 6.2% of your check for social security, and 1.45% of your check for medicare.

the company also has to match the 7.65% and send it in to the govt.


example--

your check---$100.00

FICA.......... -7.65

net pay...............92.35


company has to send the govt >>>>$15.30