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Understanding Social Security and Medicare Taxes (FICA): Your Future Investment

Contributing to our collective future. Hi everyone! Eliza here from Navigating Taxes. In my last post, " What Are Taxes & Why We Pay Them ", we looked at why taxes exist and what they fund. Today, we're focusing on FICA taxes . For a long time, "FICA" was a mystery on my pay stub. But learning about it in my Intuit Academy Tax Course has been eye-opening. It's not just for the government; it's for our future. By the end of this post, you'll know what FICA is. You'll understand who pays it, how it's calculated, and why it's important. It's more than just a deduction; it's an investment in our safety net. So, What Exactly is FICA? FICA stands for the Federal Insurance Contributions Act . It's a mandatory tax that funds Social Security and Medicare. It's like your contribution to a national insurance system. Social Security Tax: This part funds retirement, disability, and survivor ...

Tax Withholding: What It Is and Why It Matters for Your Paycheck

Understanding your W-4 is key to controlling how much tax is withheld from your paycheck. Hey everyone, Eliza here from Navigating Taxes! After learning about FICA taxes and Federal Income Tax , you might wonder where your paycheck money goes. Why is it taken out every time? Today, we're exploring Tax Withholding , the process that affects your take-home pay before tax season starts. Learning about withholding is more than just a number on your pay stub. It's about managing your money all year. By the end of this post, you'll know how withholding works, why it's done, and how it impacts your finances. Let's dive in! What Exactly is Tax Withholding? (The Basics) Tax Withholding is when your employer takes money from your paycheck and sends it to the government for you. This includes federal income tax, FICA taxes (Social Security and Medicare), and sometimes state and local taxes too. So, why do we do it this way? It's because of the U...

Demystifying Federal Income Tax: What It Is and Why It Matters

Visualizing how the progressive tax system works: different income tiers are taxed at different rates. Hey everyone, Eliza here from Navigating Taxes! After exploring FICA taxes in my last post, " Understanding Social Security and Medicare Taxes (FICA): Your Future Investment ", we're diving into Federal Income Tax . This tax is a big part of what you earn, and it's often a mystery. As I learn more in the Intuit Academy Tax Program, I see how key federal income tax is. It affects not just our money, but the whole country. By the end of this post, you'll know what federal income tax is, who pays it, and why it's important. You'll also understand the progressive tax system. Let's uncover this crucial part of our finances! What Exactly is Federal Income Tax? (The Big Picture) Federal Income Tax is a tax from the U.S. government on what people and businesses earn. It's different from FICA taxes, which fund Social Security and...

Navigating Taxes: My Learning Journey

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