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Tag: Social Security
4 Articles
Orange arrow What is FICA?

  The Federal Insurance Contributions Act (FICA) refers specifically to the Social Security (OASDI) and Medicare Federal taxes. Both the employer and the employee contribute to FICA Each of these taxes is reported separately. For more information, see the instructions for Form 941. What is the 2015 ...
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Orange arrow What is an Individual Taxpayer Identification Number (ITIN)?

  In some instances an employer may have an employee who uses an Individual Taxpayer Identification Number or ITIN. What is an ITIN? An ITIN is a tax processing number issued by the Internal Revenue Service. It is a nine-digit number, (Similar to a Social Security Number) that always begins with th...
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Orange arrow How long should I keep records?

  It is very important to keep specific records on file. Per the IRS, all records of employment taxes for at least four years after filing the 4th quarter for the year. These should be available for IRS review this includes: IRS These records should be kept for a minimum of 4 years: Your...
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Orange arrow What are the changes in rates and limits for 2016?

  Type 2016 Rate Wage Base Limit 2016 Max Paid (ER) Max Withheld (EE) OASDI (remains the same) EE/ER 6.2% $118,500 $7347.00 $7347.00 Medicare Wages over $200,000 EE/ER 1.45% EE Only Additional 0.9% No Limit No Limit ...

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