Giving students an environment where they can explore learning in new and innovative ways is an exciting part of our future. But the main focus of this vision is that kids do matter...all children, everyone of them has the ability and opportunity to learn. We provide that in the Madison schools and look forward to a great future of success.
Image source: Getty Images. Social Security tax is one part of the Federal Insurance Contribution Act (FICA) tax, and it is assessed at a rate of 12.4%. This is split evenly between the employee and employer, and it applies to earned income up to $118,500 for 2016 -- resulting in a maximum Social Security tax of $14,694. The remainder of FICA tax goes to Medicare.
If you are married filing separately and lived together for any part of the year, up to 85 percent of your Social Security benefits might be included in your taxable income regardless of your combined income. Reporting Social Security Benefits on Federal Income Taxes If you collect Social Security benefits, you will receive a Form SSA-1099 at the end of the year showing the benefits paid to you. The form also shows how much, if any, was withheld from your benefit payments for federal income tax purposes.