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.
proportional tax
proportional.
proportional
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.
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
The Social SecurityAdminstration issued the inflation adjusted FICA base for 2009; it will be $106,800. That means an employee's 6.2% FICA tax for 2009 will top out at $6,621.60. The 1.45% Medicare component has no wage limit. Employers pay a matching tax. Self-employed taxpayers pay both sides of the FICA tax through their self-empoyment 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.
Yes, plus Medicare tax. FICA is the acronym for the Federal Insurance Contributions Act.
proportional.
proportional tax
proportional
proportional
proportional
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.