The tax rate is subject to an increase each year to sufficiently fund OASDI programs. FICAS requires employers and employees to contribute 7.65% each.
A tax is a compulsory fee or financial charge imposed by a government on a person or an entity in order to raise money for public works projects that provide the greatest infrastructure and facilities. Afterward, several public expenditure projects are funded using the funds obtained.
Tax rates according to income are set by the IRS. Your tax bracket and the amount of your income that is subject to tax go up as your income does. People with extremely low salaries or no income do not pay any federal income taxes. You do not, however, take your tax bracket and apply that proportion to your whole income.
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