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Why is fica taking more taxes than your state and federal taxes?
Wiki User
∙ 13y ago
Because the social security and medicare tax (FICA) rate does not change from the 7.65% required amount that the employer is required to withhold from your gross earnings for the pay period.
Wiki User
∙ 13y ago
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What tax deductions can appear on a payroll withholding statement?
Federal and state income taxes, and FICA
Do you get the FICA back on your federal taxes?
No you do not get FICA back on federal taxes. It's a pay now and collect later system, for when you collect social security at retirement.
The federal government uses FICA taxes to pay for what?
All of the above ^_^
How do you journalize the entry to record accrual of payroll taxes 198.40 FICA taxes 19.84 federal unemployment taxes and 133.92 for state unemployment taxes?
debit taxes expenses 352.16credit payroll taxes 198.4credit unemployment tax 19.84credit state unemployment 133.92
What are the three taxes taken form your paycheck?
It will depend on where you reside as to what taxes are withheld. Federal Withholding taxes, FICA taxes, and Medicare taxes are the federal taxes that are withheld. Most people will also be effected by State taxes and some will even have to pay city or county income taxes along with the other taxes.
What are the require deductions in pay stub?
State and federal income taxes, FICA (Social Security), UI (Unemployment Insurance) and anything else your state requires.
True or false FICA taxes and federal income taxes are levied on employees earnings without limit?
False and True, in that order. FICA has limits, Fed inc doesn't.
Which is typically answered with the income statement?
Income statements will show gross wages, Federal, State, Local withholding taxes, FICA tax and net pay.
What is the money the government takes on wages?
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) and federal income taxes and state income taxes and maybe some local taxes that is required to be paid to the government's.
What is federal FICA?
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.
Is medicare considered fica tax on pay stub?
Yes, FICA (Federal Insurance Contributions Act) is the combination of Social Security and Medicare taxes.
is their an age limit on who pays fica taxes?
is there an age limit on who pays fica taxes
