Social Security taxes provide benefits for retirees and disabled workers. As of 2012, the tax rate for Social Security is 4.2%. There is a limit on the amount of income subject to Social Security tax each year.The limit was $110,100 in 2012, according to the U.S. Internal Revenue Service.our gross pay is the amount you actually earn. Your take-home pay is your gross pay minus various deductions including taxes such as Social Security, Medicare and your federal and state income tax withholding.
A resale certificate can not be used to purchase other types of items exempt from sales tax that don't qualify for this purpose. An exemption certificate is issued either because the entity qualifies for an exemption or the use of the item qualifies for an exemption.
When you are presented with a valid resale certificate you should allow the buyer to buy products tax free. But itâs up to you, as the seller, to determine if the resale certificate is valid. If not, you could actually be on the hook to remit the sales tax you should have but didnât collect back to the state. One thing you should always do when you receive a resale certificate is verify that the buyerâs permit number is accurate and that his or her permit is not expired.