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?

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  • 1 decade ago
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    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%.

  • 1 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
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