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What is the Social Security Tax Rate & Limit

Anyone with a job will see a Social Security tax added to their paychecks. This payroll tax amounts to 6.2% of whatever you earned. The money goes directly towards funding the Social Security program.

social security

Self-employed individuals pay double this amount because they must cover both the employee and employer parts of the tax. However, half … Read the rest

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What is the Medicare Tax?

Here’s what you need to know about Medicare taxes.

medicare

The Medicare tax is what’s known as a type of payroll tax. It’s paid by both employers and employees, so it’s your responsibility to withhold the correct amount from the salaries of your employees. You also need to make a matching contribution.

The Federal Insurance Contributions … Read the rest

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What is the IRS Mileage Rate Tax Deduction?

The standard mileage rates for the new tax year have been announced by the IRS. If you must drive for your job, medical reasons, or as part of a charity effort, you could get a deduction on your mileage and reduce your overall tax bill.

what is the mileage tax rate

How Much is the Current Standard Mileage Rate?

Starting from … Read the rest