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FICA stands for Federal Insurance Contributions Act. Basically, it's taxes used as payment into the Social Security and Medicare benefits programs. This is how you contribute to those programs.
When you're an employee, you pay half and your employer pays half. Your half is deducted from your paycheck, then your employer adds their half and sends the entire amount in on your behalf when they pay all the other payroll taxes.
Self-employed people don't have an employer to pay half, so they pay the entire amount for their Social Security and Medicare taxes.
What else can I help you with?
At what income do you stop paying fica in 2010?
For 2010, the earnings maximum will remain at $106,800. The same as it was for 2009 FICA.
What is federal FICA?
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.
What if your pay stub deducts money for FICA what does that mean?
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.
What is the FICA withholding rate for 2011?
what is the FICA rate for 2011
What does fica mean on your check stud?
FICA stands for the Federal Insurance Contributions Act, which mandates the collection of Social Security and Medicare taxes from employees' paychecks. The FICA deduction on your paycheck stub represents the portion of your earnings that goes towards funding these federal programs. The Social Security tax rate is 6.2% of your earnings, while the Medicare tax rate is 1.45%, totaling 7.65% withheld from your paycheck for FICA taxes.
At what income do you stop paying fica in 2010?
For 2010, the earnings maximum will remain at $106,800. The same as it was for 2009 FICA.
Is FICA tax the same as the social security tax?
Yes, plus Medicare tax. FICA is the acronym for the Federal Insurance Contributions Act.
What is federal FICA?
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.
FICA tax is the same as federal income tax?
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.
Is federal withholding the same as fica?
Yes and no. Federal Withholding is usually Federal income tax. FICA is Social Security. Different percentage, goes to a different place.
If you are drawing Social Security do you still pay FICA?
Yes. If you work after retirement, your employer is still required to withhold 7.65% of your first $106,800 of gross income for FICA, and to pay a matching amount from company funds on your behalf.
What if your pay stub deducts money for FICA what does that mean?
The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.
Who pays FICA taxes?
employers pay the fica tax
What is the FICA withholding rate for 2011?
what is the FICA rate for 2011
Is the payroll tax the same as the social security tax?
Yes it's also known as the FICA tax
What does fica mean on your check stud?
FICA stands for the Federal Insurance Contributions Act, which mandates the collection of Social Security and Medicare taxes from employees' paychecks. The FICA deduction on your paycheck stub represents the portion of your earnings that goes towards funding these federal programs. The Social Security tax rate is 6.2% of your earnings, while the Medicare tax rate is 1.45%, totaling 7.65% withheld from your paycheck for FICA taxes.
Does an individual pay FICA taxes on Social Security income?
No. You only pay FICA taxes on earned income (wages, salary); paying on Social Security benefits would amount to paying the same tax twice.
