![]() ![]() Half of those are tax-deductible, though. Note that if you’re self-employed, you’ll need to pay the self-employment tax, which is the equivalent of twice the FICA taxes - 12.4% and 2.9% of your earnings. Your employer will match that by contributing the same amount. The FICA tax withholding from each of your paychecks is your way of paying into the Social Security and Medicare systems that you’ll benefit from in your retirement years.Įvery pay period, your employer will withhold 6.2% of your earnings for Social Security taxes and 1.45% of your earnings for Medicare taxes. FICA taxes combine to go toward Social Security and Medicare. But there’s no escaping federal tax withholding, as that includes both FICA and federal income taxes. Living in Florida or one of the other states without an income tax means your employer will withhold less money from each of your paychecks to pass on to tax authorities. Number of cities that have local income taxes: 0.Median household income: $67,917 (U.S. ![]()
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