It's either Social Security, or a combination of Social Security and Medicare. Paycheck deduction statements may combine the individual FICA deduction for Medicare and Social Security into one deduction and call it "Retire". Rest assured that it's not YOUR retirement, and you'll never see that money again.
No, you do not pay FICA taxes on 401(k) distributions.
No, you do not pay FICA taxes on 401(k) withdrawals.
No, FICA taxes are not deducted from 401(k) contributions.
No, you do not pay FICA (Social Security and Medicare) taxes on 401k withdrawals.
The percentage of your gross wages that you contribute to FICA taxes is 7.65.
Do I have to pay FICA and medicare tax on my pension if I retire early at age 55 and not working?No. A pension, like IRA and 401k distributions, is not considered earned income. You do pay income tax, but not FICA (Social Security and Medicare), on those sources.
Do I have to pay FICA and medicare tax on my pension if I retire early at age 55 and not working?No. A pension, like IRA and 401k distributions, is not considered earned income. You do pay income tax, but not FICA (Social Security and Medicare), on those sources.
what is the FICA rate for 2011
employers pay the fica tax
OASDI (Old Age Survivors and Disability Insurance), FICA, SSB, (Social Security and Medicare tax) they all mean the same thing.
Social Security and Medicare are funded by FICA
frequency of fica payments
Yes.
The fica is taken out of your paychecks and added to the Social Security fund.
is there an age limit on who pays fica taxes
why wasn't fica taken out of std checks
No, you do not pay FICA taxes on 401(k) distributions.