Asked by Anonymous
What is the fica tax rate for employee and emplorer for 2012
When you work for an employer or are self-employed, you must pay payroll taxes that fund Social Security. These taxes are collected under the authority of the Federal Insurance Contributions Act (FICA) and commonly called FICA contributions.
The FICA tax rate is set by law. From 1990 to present, the total tax rate paid by employees and employers is 7.65%. This is made up of a 6.2% contribution to the Old-Age, Survivors, and Disability Insurance (OASDI) program and a 1.45% contribution to Medicare’s Hospital Insurance (HI) program.
Self-employed workers currently contribute 12.4% to OASDI and 2.9% to HI.
In 2011 and the first two months of 2012, the OASDI tax rate is reduced by 2% for both employees and for self-employed workers.
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