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FICA tax consists of Social Security tax and Medicare tax paid on earned wages for services performed. FICA stands for the Federal Insurance Contributions Act. Employers withhold the employees' share of the FICA tax from... More »

www.reference.com Business & Finance Taxes Income Tax

FICA, the Federal Insurance Contribution Act, governs collection of two separate taxes: Social Security and Medicare. Most employees have 6.2 percent of their wages withheld for Social Security and 1.45 percent for Medic... More »

www.reference.com Business & Finance Taxes Income Tax

The FICA tax is the social security and Medicare tax, but only the social security tax has a tax limit for 2013, which was $113,700, as stated by the University of Minnesota. The individual tax percentages for the FICA t... More »

www.reference.com Business & Finance Taxes Income Tax
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Federal Insurance Contributions Act taxes, which employers, employees and self-employed individuals pay to fund Social Security and Medicare, are calculated at the rate of 12.4 percent of salary for Social Security and 2... More »

www.reference.com Business & Finance Taxes Income Tax

The FICA tax is the social security and Medicare tax, but only the social security tax has a tax limit for 2013, which was $113,700, as stated by the University of Minnesota. The individual tax percentages for the FICA t... More »

www.reference.com Business & Finance Taxes Income Tax

FICA, the Federal Insurance Contribution Act, governs collection of two separate taxes: Social Security and Medicare. Most employees have 6.2 percent of their wages withheld for Social Security and 1.45 percent for Medic... More »

www.reference.com Business & Finance Taxes Income Tax

As of June 2014, amounts deferred in 401(k) plan contributions are subject to FICA tax. However, according to the Internal Revenue Service, 401(k) contribution amounts are not considered as income for federal income tax ... More »

www.reference.com Business & Finance Taxes Income Tax