Vermont Weather (2851 replies) Latest news from Albany, VT collected exclusively by city-data.com from local newspapers, TV, and radio stations. Ancestries: English (35.7%), French (19.0%), German (11.0%), French Canadian (7.1%), Italian (7.1%), Scottish (7.1%). Current Local Time: EST time zone. Incorporated in 1915.
Related QuestionsMore Answers Below. 1  Why do people complain about the cost of living in the Bay Area so much when it seems like two successful software engineers (with a realistic... 2  How realistic is asking for a 175k base salary, 20% bonus, and 100K in stock per year at a very successful software corporation in the Bay Are...
FICA Taxes. Bonus income is subject the Federal Insurance Contributions Act, which includes taxes for Social Security and Medicare. Your employer has to subtract Social Security and Medicare tax from bonuses and other wages. The Social Security tax rate is 10.4 percent in 2012: employers pay 6.2 percent and employees pay 4.2 percent. Social security tax applies to the first $110,100 of income you earn, so if you make more than $110,100 in normal wages, your bonuses aren't subject to Social Security tax. Employers and employees each pay a tax rate of 1.45 percent for Medicare; there is no income limit for Medicare taxes.