“(1) In general.—Notwithstanding any other provision of law, the payment for 50 percent of the taxes imposed under section 1401(a) of the Internal Revenue Code of 1986 for the payroll tax deferral period shall not be due before the applicable date. “(B) not later than 30 days after the date of the enactment of this subsection, provide to all employers educational materials relating to the credit allowed under this section, including specific materials for businesses with not more than 500 employees.” “(i) In general.—Such term shall include amounts paid by the eligible employer to provide and maintain a group health plan (as defined in section 5000(b)(1) of the Internal Revenue Code of 1986), but only to the extent that such amounts are excluded from the gross income of employees by reason of section 106(a) of such Code. “(A) In general.—If the amount of the credit under subsection (a) exceeds the limitation of paragraph (2) for any calendar quarter, such excess shall be treated as an overpayment that shall be refunded under sections 6402(a) and 6413(b) of the Internal Revenue Code of 1986.
Effective Date of 2021 Amendment
- (b)(3), are classified to sections 403 and 422(b), respectively, of Title 42, The Public Health and Welfare.
- 99–509, except as otherwise provided, effective with respect to payments due with respect to wages paid after Dec. 31, 1986, including wages paid after such date by a State (or political subdivision thereof) that modified its agreement pursuant to section 418(e)(2) of Title 42, see section 9002(d) of Pub.
- 1965—Pub.
- Amendment by section 123(b) of Pub.
- 92–336 (set out as 1972 Amendment note hereunder) substituting “$12,600” for “$12,000”.
(b)), increased from 45/8 percent to 4.90 percent the rate virtual accountant for calendar years 1969, 1970, 1971, and 1972 (resulting from a tax of 4.4 percent under subsec. (a) and 0.50 percent under subsec. (b)), increased from 45/8 percent to 5.40 percent the rate for calendar years 1973, 1974, and 1975, (resulting from a tax of 4.85 percent under subsec. (a) and 0.55 percent under subsec. (b)), and increased the rate for calendar years after Dec. 31, 1986, to 5.65 percent (resulting from a tax of 4.85 percent under subsec. (a) and 0.80 percent under subsec.
( State and local employment
The vast majority of people in the U.S. who earn a wage or salary, or work for themselves, pay FICA taxes. Wage earners pay 6.2% on income up to $168,600 in 2024 toward Social Security. Their employers also pay 6.2% on their behalf. So the total tax rate for Social Security is 12.4%. Any income above that threshold is not taxed for Social Security purposes. The Medicare rate of 1.45% is paid by wage earners on all their income.
Effective Date of 1997 Amendment
- 2007—Subsec.
- (5)(B), and added subpar.
- 103–66 which directed the amendment of this section by substituting “contribution and benefit base limitation” for “applicable contribution base limitation” without specifying where the substitution was to be made, was executed by making the substitution in subsecs.
- If the amount of the credit under subsection (a) exceeds the limitation of paragraph (3) for any calendar quarter, such excess shall be treated as an overpayment that shall be refunded under sections 6402(a) and 6413(b).
Amendment by section federal insurance contributions act 11331(a) of Pub. 103–66 applicable to 1994 and later calendar years, see section 13207(e) of Pub. 103–66, set out as a note under section 1402 of this title. “United States magistrate judge” substituted for “United States magistrate” in subsec. (b)(5)(E) pursuant to section 321 of Pub.
89–97 applicable only with respect to services performed after 1965, see section 311(c) of Pub. 89–97, set out as an Effective Date of 1965 Amendment note under section 410 of Title 42, The Public Health and Welfare. Amendment by section 108(b) of Pub. balance sheet 92–5 applicable only with respect to remuneration paid after December 1971, see section 203(c) of Pub.
