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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.

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16y ago

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Do you pay fica tax on pension?

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 you pay taxes on you pension?

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 withholding rate for 2011?

what is the FICA rate for 2011


Who pays FICA taxes?

employers pay the fica tax


What type of tax pay for your monthly income when you retire?

OASDI (Old Age Survivors and Disability Insurance), FICA, SSB, (Social Security and Medicare tax) they all mean the same thing.


What are two of programs that FICA funds?

Social Security and Medicare are funded by FICA


What is the frequency of FICA and witholding depends on the amount taxes are due?

frequency of fica payments


If employee is exempt from FICA is employer also exempt from contributing to FICA for that employee?

Yes.


What is a purpose of a fica tax?

The fica is taken out of your paychecks and added to the Social Security fund.


is their an age limit on who pays fica taxes?

is there an age limit on who pays fica taxes


Is fica taken out on short term disability?

why wasn't fica taken out of std checks


Do you pay FICA on 401k distributions?

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