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Wages paid above a fixed amount each year by any one employee are not subject to Social Security tax. For 2023, this wage maximum is $160,200. Medicare tax of 1.45% is withheld from wages, with no maximum. (This brings the total federal payroll tax withholding to 7.65%.)
The apps extend small short-term loans to workers in between paychecks so they can pay bills and meet everyday needs. On payday, the user repays the money out of their wages. Between 2018 and...