It's a Federal program and just like federal income tax, it applies the same everywhere.
On a paycheck, FICA stands for Federal Insurance Contributions Act. FICA is the United States Federal employment tax that is imposed to fund Medicare and Social Security.
A Fica tax has several different purposes that serve different people. A Fica tax serves to finance government educational programs and developmental projects. A Fica tax also provides those who are disabled and/or retired with insurance.
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 limit is 6621 at 6.2% up to the gross wages earned income limited amount of 106800. No limit on the amount of gross earned income that is subject to the Medicare tax rate of 1.45% of gross income. If you are a self employed taxpayer then you are responsible for all of your own FICA self employment taxes of 15.3% plus any income taxes on your net profit from your business operation at your marginal tax rate. For those with well above average income, the Federal income tax withholding may be far more than FICA; FICA is capped, but income tax and the medicare tax is not.
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.
The maximum amount of wages subject to the FICA-Social Security tax for 2009 is $106,800. There is no limit on the amount of wages subject to the FICA-Medicare tax.
MED tax is the tax that is paid to Medicare. FICA tax is the tax paid to pay for Social Security benefits.
On a paycheck, FICA stands for Federal Insurance Contributions Act. FICA is the United States Federal employment tax that is imposed to fund Medicare and Social Security.
A Fica tax has several different purposes that serve different people. A Fica tax serves to finance government educational programs and developmental projects. A Fica tax also provides those who are disabled and/or retired with insurance.
employers pay the 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 limit is 6621 at 6.2% up to the gross wages earned income limited amount of 106800. No limit on the amount of gross earned income that is subject to the Medicare tax rate of 1.45% of gross income. If you are a self employed taxpayer then you are responsible for all of your own FICA self employment taxes of 15.3% plus any income taxes on your net profit from your business operation at your marginal tax rate. For those with well above average income, the Federal income tax withholding may be far more than FICA; FICA is capped, but income tax and the medicare tax is not.
You do not calculate FICA tax by asking Answers.com. You calculate the FiCA tax by going to the Internal Revenue Web Site and looking at the information on their form. Then you plug your numbers into their formula.
Yes, plus Medicare tax. FICA is the acronym for the Federal Insurance Contributions Act.
NO - however it is paid to the IRS. Federal Income Tax is just what it sounds like and pays for federally funded programs. FICA is Social Security Income and goes to pay into the fund for Social Security Programs.
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.
The maximum amount of wages subject to the FICA-Social Security tax for 2009 is $106,800. There is no limit on the amount of wages subject to the FICA-Medicare tax.
You do not calculate FICA tax by asking Answers.com. You calculate the FiCA tax by going to the Internal Revenue Web Site and looking at the information on their form. Then you plug your numbers into their formula.
The fica is taken out of your paychecks and added to the Social Security fund.