No one knows, not even Professor Robinson. Good luck on your tax final. Once possibility...when SS that this provides was introduced, the money received wasn't taxable. That has subsequently changed.
FICA taxes, which include Social Security and Medicare taxes, are withheld from earnings in most cases. They are not deductible on a federal tax return. You will only see some of that money again when you collect Social Security or Medicare.
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 rate for 2011
frequency of fica payments
is there an age limit on who pays fica taxes
1935-1939
FICA taxes, which include Social Security and Medicare taxes, are withheld from earnings in most cases. They are not deductible on a federal tax return. You will only see some of that money again when you collect Social Security or Medicare.
No, it is paid through social security. Medicare has a deductible and the social security administration takes part of the monthly payment to pay for the deductible. In my case I have my entire social security taken and still don't meet the deductible so I have to pay several hundred more to them to make up the difference.
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.
employers pay the fica tax
what is the FICA rate for 2011
deductible
Social Security and Medicare are funded by FICA
It is "deductible," except in Australia, where it's spelled "deductable."
frequency of fica payments
Yes.
The fica is taken out of your paychecks and added to the Social Security fund.