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Discover the importance of taxes and where your money goes at the end of this story.
FICA section on pay slip for Social Security, Medicare
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Social Security's OASDI benefits seniors, the disabled, and families.
Medicare for Americans 65 and older.
W-4 form for federal income tax withholding.
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OASDI takes 6.2% of the first $160,200 wages for 2023.
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Medicare takes 1.45% of taxable wages and 0.9% for some high earners.
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Federal withholding is based on W-4, and state withholding varies by state.
Total gross pay, employer-paid benefits, pre-tax and post-tax deductions.
Net pay after all taxes and deductions.
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