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The federal law which requires employers to withhold a portion of employee wages and pay them to the government trust fund which provides retirement benefits. An acronym for Federal Insurance Contributions Act. More commonly known as social security.
Wiki User
∙ 15y ago
Wiki User
∙ 11y agounder the fedaral insurance contributions act 12.4% of income up tto an annual limit must be paid into social security and a additional 2.9% must be paidd into medicare
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What is fica-med?
What's the meaning og "fica me" in spanish
What is the meaning of fica?
Fico- a corporation that invented a model used to create your credit score and commonly used by many institutions.
Who pays FICA taxes?
employers pay the fica tax
What is the FICA withholding rate for 2011?
what is the FICA rate for 2011
What are two of programs that FICA funds?
Social Security and Medicare are funded by FICA
Do seniors over 65 have FICA deductions?
Yes, seniors over 65 who are still working are subject to FICA deductions (Social Security and Medicare taxes) on their wages. Once they start receiving Social Security benefits, they no longer have to pay the Social Security portion of FICA, but they still contribute to Medicare through payroll taxes.
What is the frequency of FICA and witholding depends on the amount taxes are due?
frequency of fica payments
If employee is exempt from FICA is employer also exempt from contributing to FICA for that employee?
Yes.
What is a purpose of a fica tax?
The fica is taken out of your paychecks and added to the Social Security fund.
Is fica taken out on short term disability?
why wasn't fica taken out of std checks
is their an age limit on who pays fica taxes?
is there an age limit on who pays fica taxes
What is the purpose of a FICA tax?
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.
