Ficam taxes are taken out on my husband check what exactly are they?

Question

I am not speaking of Fica taxes this is a separate label Ficam.
thanks

thanks for the explaining it so I can better understand.

Answer 1

Fica is a combination of your social security tax and medicare tax. They should equal 7.65 %

Answer 2

I've never heard of Ficam. After looking at a recent pay stub, I have 2 guesses.
1. Fica is actually 2 parts: Social Security, and Medicare. Could this mean the medicare taxes?
2. Are you sure this is a tax? Perhaps it is a deduction for some form of insurance coverage.

Answer 3

The acronym FICA stands for Federal Insurance Contribution Act. Collectively, the taxes are called FICA taxes. However, they are 2 seperate taxes.

FICA-0, typically known as Social Security tax is 6.2%. There is a wage limit of $94,200. Once you reach that total in earnings you will no longer pay that tax for the year. Each year it resets. It also resets if you change employers.

The second tax is FICA-M, Medicare tax. This is withheld at a 1.45% rate. There is no wage limit and is withheld from all taxable earnings.