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.
what is the FICA rate for 2011
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.
frequency of fica payments
is there an age limit on who pays fica taxes
Social Security and Medicare are funded by FICA
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.
Medicare and Social Security are the payroll deductions withheld under FICA. These federal benefit programs are a part of the Federal Insurance Contributions Act.
Medicare and Social Security are the payroll deductions withheld under FICA. These federal benefit programs are a part of the Federal Insurance Contributions Act.
Social Security and Medicare are funded by FICA
Medicare and Social Security are the payroll deductions withheld under FICA. These federal benefit programs are a part of 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.
Yes, FICA and SS is a percentage of what you make. If you earn more money, you are expected to pay more.
employers pay the fica tax
what is the FICA rate for 2011
FICA is the social program that is supported by deductions from the paychecks of American employees. Payroll taxes are calculated based on the amount of the taxpayers pay and are mandatory deductions. The programs that are deducted from the checks are social security taxes and the Medicare Program.
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.