{"id":4406,"date":"2023-04-20T14:18:16","date_gmt":"2023-04-20T14:18:16","guid":{"rendered":"https:\/\/oandgaccounting.com\/staging\/?p=4406"},"modified":"2023-04-21T04:32:25","modified_gmt":"2023-04-21T04:32:25","slug":"employment-taxes-in-puerto-rico","status":"publish","type":"post","link":"https:\/\/oandgaccounting.com\/staging\/employment-taxes-in-puerto-rico\/","title":{"rendered":"Employment Taxes in Puerto Rico"},"content":{"rendered":"
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Today we’re going to embark on a tropical journey through the fascinating world of taxes in Puerto Rico<\/a>. So grab your favorite drink, sit back, and let’s dive in.<\/p>\n

Social Security and Medicare<\/h2>\n

In Puerto Rico, you’ll encounter FICA taxes,<\/a> which help fund the Social Security and Medicare systems<\/a>. Think of it like a tag team, with both the employer and employee contributing 6.2% each for Social Security and 1.45% each for Medicare. That’s a combined 12.4% for Social Security and 2.9% for Medicare.<\/p>\n

Additional Medicare Tax<\/h2>\n

If an employee earns more than $200,000 in a year, they’re hit with a 0.9% Additional Medicare Tax<\/a>, and you, the employer, are responsible for withholding it. Don’t worry; you won’t have to match this extra tax.<\/p>\n

Forms to File<\/h2>\n

When it comes to tax forms, Puerto Rico has a smorgasbord of options:<\/p>\n