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Federal Insurance Contributions Act - more commonly referred toas Social Security.

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16y ago

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Related Questions

What is fica-mc on my paycheck?

The FICA -MC on your paycheck is a reference to the deduction for Medicare. The Medicare deduction should be 2.9 percent of your total earnings.


What does FICA ER on paycheck mean?

On a paycheck, FICA stands for Federal Insurance Contributions Act. FICA is the United States Federal employment tax that is imposed to fund Medicare and Social Security.


What does FICA mean on a paycheck?

FICA stands for a payroll tax used to fund the Social Security system.


What is SS on a paycheck stub?

Social Security...also frequently identified as FICA


If fica is not taken out on your paycheck does it keep you from applying for unemployment?

You can apply and if you worked at any other job in the last year that did pay fica you can draw on that income.


Why did my employer not withhold FICA taxes from my paycheck?

Your employer may not have withheld FICA taxes from your paycheck if you are classified as an independent contractor rather than an employee. Independent contractors are responsible for paying their own FICA taxes, while employees have these taxes withheld by their employer. It's important to clarify your employment status with your employer to ensure proper tax obligations are being met.


Is FICA - Med withheld when a person is on Medicare?

I am over 65, and on Medicare. I am also still working, and being paid wages. FICA- Med is still withheld from my paycheck. You should expect that as well.


What does fica stand for?

Federal Insurance Contribution Act The word FICA stands for "Federal Insurance Contributions Act."


How are FICA taxes collected from individuals?

FICA taxes are collected from individuals through payroll deductions. These deductions are taken directly from an individual's paycheck by their employer and are used to fund Social Security and Medicare programs.


What does FICA stand for after a doctor's name?

Federal Insurance Contributions Act


What do the abbreviations on my paycheck mean?

FICA = Federal Insurance Contributions Act, which funds Social Security and MedicareSUI = state unemployment insuranceOT = overtime


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.