The Social Security tax rate is 12.4% of the employee’s gross income, up to a certain income limit. This limit, known as the wage base limit, changes yearly based on inflation and is $168,600 in 2024.

FICA dates back to 1935, the same year the U.S. established the Social Security program. In 1965, FICA was expanded to ...

Tax season is upon us, but the road ahead doesn’t have to feel daunting. We’re breaking down the terms, forms and deadlines you need to know to responsibly file your taxes in 2024 – starting with FICA ...

FICA stands for the Federal Insurance Contributions Act. This law outlines that taxes should be withheld from paychecks and used to fund the Social Security and Medicare programs. Both employees and ...

Adjusted gross income is an important number used to determine how much you owe in taxes. It’s a factor in determining your federal tax bracket and taxable income — the portion of your income subject ...

Tax season is nearly upon us. For some, it may be your first time filing taxes. And even for those who have filed for years, taxes are not always the easiest task to tackle. Here's what you should ...

When it comes to taxes, all kinds of tax-related lingo applies — often in the form of acronyms, like FICA — which can be confusing. Read over these 10 tax terms to find out what’s what in the world of ...