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FICA tax becomes a liability to the federal government at the time an employee's payroll is prepared?
true
What is the FICA tax liability status of pretax contributions to qualified deferred compensation arrangements?
They are subject to FICA tax like any other wages. However the employers' matching contributions are tax-free.
Can a corporation deduct its matching fica taxes?
Yes, a corporation can deduct its matching FICA taxes as a business expense on its tax return. The FICA taxes, which include Social Security and Medicare taxes, are considered payroll taxes, and the employer's portion is deductible. This deduction helps reduce the corporation's taxable income, ultimately lowering its overall tax liability.
What is the FICA withholding rate for 2011?
what is the FICA rate for 2011
What is the frequency of FICA and witholding depends on the amount taxes are due?
frequency of fica payments
FICA tax becomes a liability to the federal government at the time an employee's payroll is prepared?
true
What is the FICA tax liability status of pretax contributions to qualified deferred compensation arrangements?
They are subject to FICA tax like any other wages. However the employers' matching contributions are tax-free.
Can a corporation deduct its matching fica taxes?
Yes, a corporation can deduct its matching FICA taxes as a business expense on its tax return. The FICA taxes, which include Social Security and Medicare taxes, are considered payroll taxes, and the employer's portion is deductible. This deduction helps reduce the corporation's taxable income, ultimately lowering its overall tax liability.
Was fica taken from buyouts?
Your buyout is considered standard income to the IRS, therefore it will be taxed in the same way as your paycheck. So FICA will be withheld based on your number of exemptions to offset your yearly tax liability. Also, SS/Medicare will be withheld (to its limit) at 6.2% and .145% respectively.
Is FICA deduction before or after 401K deductions?
A deduction is made "pre-tax" if it avoids at least one form of taxation. Although contributions to "traditional" versions of 401(k) and 403(b) retirement plans, as well as 457 plans, are "pre-tax" deductions for purposes of Federal income tax, they ARE subject to FICA withholding. In contrast, Section 125 ("Cafeteria Plan") healthcare premiums are deducted before FICA liability is calculated.
What is the FICA withholding rate for 2011?
what is the FICA rate for 2011
Who pays FICA taxes?
employers pay the fica tax
What are two of programs that FICA funds?
Social Security and Medicare are funded by FICA
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 their an age limit on who pays fica taxes?
is there an age limit on who pays fica taxes
