Social Security Wage Base for 2020 Announced SPARK Blog
Since the employer tax must equal the employee Social Security tax, your share would also be $124. Thus, the total Social Security tax payment that you would submit to the IRS for this employee (for this pay period) would be $248. Both employer and employee pay an equal amount of Social Security and Medicare taxes, totaling 15.3% of the employee’s gross earnings. Employees and employers share the total tax burden of Social Security and Medicare taxes. Half of the FICA tax amount owed is paid by the employer and the other half is withheld from an employee’s paycheck. For wo
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