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When you have one employer the amount of FICA ((OASDI) Old Age Survivor and Disability Insurance) for your social security would stop once your wages with the withheld social security amount reach 106800 and social security amount withheld would be 6621.60
If you have more than one employer and your combined wages reported on your W-2 are more than the 106800 amount and your withheld social security amount is more than the 6621.60 then you would get a tax credit for the amount that is over the 6621.60 on your federal income tax return when you file the 2010 tax return in the year 2011.
For the individual taxpayer that is filing the 1040 federal income tax return does NOT get a deduction for the FICA (social security taxes) that are withheld from the taxpayers earnings for the year.
If you have more than one employer and your combined wages reported on your W-2s are more than the 106800 amount and your withheld social security tax amount is more than the 6621.60 then you would get a tax credit for the amount that is over the 6621.60 on your federal income tax return when you file the 2009 income tax return this year in 2010 or the 2010 tax return in the year 2011.
What else can I help you with?
Can I deduct taxes paid for the previous year on my tax return?
Yes, you can deduct taxes paid for the previous year on your tax return if you itemize your deductions.
Can I deduct federal taxes paid for a prior year on my current tax return?
No, you cannot deduct federal taxes paid for a prior year on your current tax return.
What percentage of your gross wages do you contribute to FICA taxes?
The percentage of your gross wages that you contribute to FICA taxes is 7.65.
How can I deduct property taxes in California on my tax return?
To deduct property taxes in California on your tax return, you can itemize your deductions on Schedule A of your federal tax return. Include the amount of property taxes paid on your California property in the "Taxes You Paid" section. Be sure to keep records of your property tax payments for documentation.
Do you pay FICA on 401k distributions?
No, you do not pay FICA taxes on 401(k) distributions.
What tax is paid equally by the employer and employee is the?
The required Social security and medicare taxes. Also known as the FICA taxes.
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.
You are a full time student can you get back what you paid into fica on your tax return?
No. Your 'occupation' is unimportant.
Do you pay Social Security taxes on a settlement check?
No. FICA taxes (Social Security, Medicare, etc) are only paid on earned income.
is their an age limit on who pays fica taxes?
is there an age limit on who pays fica taxes
Was fica deductible?
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.
Can I deduct taxes paid for the previous year on my tax return?
Yes, you can deduct taxes paid for the previous year on your tax return if you itemize your deductions.
What is the percentage of Fica taxes?
FICA contributions, including various sub (categories of things like SS, Disability, Health, etc) are 15.30% of FICA wages. What is considered FICA wages differ from other wage considerations in many ways, (it has a top limit of about 97.5K, how pension contributions factored, State taxes, etc.). If you are an employee, the employer MUST pay half of the contribution. If your self - employed, the amount normally paid by the employer is collected through something called the "self employment tax" when you file your income tax return.
Who pays FICA taxes?
employers pay the fica tax
Do you pay fica tax on long term disability payments?
Yes, long-term disability payments can be subject to FICA taxes if the premiums for the disability insurance were paid by your employer and not deducted from your taxable income. If you personally paid the premiums with after-tax dollars, the benefits you receive are generally not subject to FICA taxes. It's important to review your specific situation and consult a tax professional for personalized guidance.
Can I deduct federal taxes paid for a prior year on my current tax return?
No, you cannot deduct federal taxes paid for a prior year on your current tax return.
What percentage of your gross wages do you contribute to FICA taxes?
The percentage of your gross wages that you contribute to FICA taxes is 7.65.
