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Are fica taxes an option?

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NO you do not have any choice about this INSURANCE program.
FICA stands for "Federal Insurance Contributions Act." It's the tax withheld from your salary or self-employment income that funds the Social Security and Medicare programs.
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax for social security benefits (SSB or SSDI). All mean the same thing.
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Does an independent contractor pays selfl-employment taxes instead of FICA taxes?

  That is correct, exept that the employer pays a portion of your FICA, whereas when you are Self-employed you are hit with the full amount. Of course you have the advanta

What is the current FICA tax rate?

The current FICA rate is 12.4%. Employees have 6.2% of their gross  pay withheld each pay period, and the other 6.2% is matched by the  employer. Self-employed individuals m

Who pays the taxes in a lease option?

The Seller is to pay the taxes until the deed/title has been changed over to lessee/buyer name

Do you pay fica tax on pension?

Do I have to pay FICA and medicare tax on my pension if I retire early at age 55 and not working? No. A pension, like IRA and 401k distributions, is not considered earned inc

What do taxes collected under the FICA fund?

  Social Security and allied medical/disability benefits. The taxes collected under the federal insurance contribution act  fund both social security and medicare.

What is FICA and what is FIT in tax language?

Federal Income Tax (FIT) Federal income tax is a system overseen by the IRS which collects money based on your earned income - as you likely already know, your federal income

Is medicare considered fica tax on pay stub?

Yes, FICA (Federal Insurance Contributions Act) is the combination  of Social Security and Medicare taxes.

What is FICA?

FICA stands for Federal Insurance Contribution (tax) Act. You and your employer both contribute a percentage of your income to this tax which is attributed to Social Security

What is the maximum fica tax for 2011?

The maximum FICA tax for 2011: Employee 5.65% Employer 7.65% SSI: Employee 4.20% Employer 6.20% MED: Employee 1.45% Employer 1.45% Income subject to SSI tax:

What is al fica tax?

al fica tax????? US FICA tax is OASDI (FICA) (social security and Medicare taxes) all mean the same tax. For the year 2009 and 2010 the maximum social security contribution