When trying do calculate my federal taxes, is the FIT seperate from S.S and the other one?
im in the tax bracket where its 700 plus 15% over, is this just for FIT? then i have to pay Social security tax after that? or is it all included?
- David545Lv 51 decade agoFavorite Answer
Social Security tax is an entirely separate item from the Federal Income Tax.
Social Security tax is paid jointly by the employee and the employer (the company).
- 1 decade ago
Social security tax is seperate then federial income tax.
Socical security tax is paid 1/2 by the employee and 1/2 by your company (unless you are self employed and then you pay both, but you receive a small discount)
Social security tax is broken down into two categories one is medicare tax at a rate of 1.45% and FICA tax is 6.2% for a total of 7.65%.
- vegas_iwishLv 51 decade ago
FIT only unless you are self-employed/get a 1099 vs a W-2. Self-employed folks owe another 15.3% to Social Security + Medicare.Source(s): work in tax office