FEDERAL INSURANCE CONTRIBUTIONS ACT ( FICA )

 

 

 

 

 

Social Security Tax is also known as Old Age Survivors and Disability Insurance or

( OASDI ).

 

 

 

 

Taxable wage rate on earnings for calendar year 2009::

 

 

a.       First $106,800 gross taxable wages = 6.2%

 

 

b.      Maximum withheld $6,621.60

 

 

 

Medicare is also known as Hospital Insurance Tax.

 

 

 

                        Taxable wage rate on earnings for calendar year 2009:

 

 

a.       All Gross Taxable Wages = 1.45%

 

 

b.   No maximum ceiling