Specifically, Social Security and meicaid. Does it matter that the employer is in Chicago, IL.
2007-06-21 15:17:10 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
The employer pays the same percentage that you do. 6.2% for Social Security and 1.45% for Medicaid. This is a federal requirement - it doesn't matter where you work.
2007-06-21 15:23:44 · answer #1 · answered by jamie5987 4 · 1⤊ 0⤋
The 7.65 that the previous poster have stated is correct. Although, depending what you claim on your W-4, your employer may have to withhold federal income taxes on you behalf. The higher the number of exemptions claimed on W-4 the less withholding the employer is required to withhold. Generally the federal income tax withheld is calulated using IRS's Circular E
2007-06-21 18:29:05 · answer #2 · answered by coolew01 2 · 0⤊ 0⤋
An employer must match the 6.2% social Security and 1.45% medicare that is withheld from an emplyee's check, along with the full amount for FUTA (generaly an additional .8% of the emplyee's first $7,000 but may vary.)
State and local taxes may vary, check the link below for a comprehensive tax sheet provided by ADP.
2007-06-22 03:56:45 · answer #3 · answered by S. M. 3 · 0⤊ 0⤋
The employer matches the employee's medicare and social security taxes. The employer and employee each pay 7.65% total for the two programs..
2007-06-21 15:31:30 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Combined it's 7.45% of your taxable wages. Essentially they match dollar for dollar of what is deducted from your pay for SS and Medi..
Ah it was a typo, so SHOOT me....7.65% is correct.
2007-06-21 15:26:12 · answer #5 · answered by Anonymous · 0⤊ 1⤋