2006-12-27 07:42:22 · 9 answers · asked by alopes782 1 in Business & Finance ➔ Taxes ➔ United States
FICA is a combination of SS and Medicare. You pay 6.2% in Social Security and 1.45% to Medicare. Your Employer also matches this amount, which you will not see on your paycheck. You can't collect this money until you are 62 or disabled (if ever the way things are going) But some state governments slow you to take a deduction for the amounts paid on your income tax return. For instance, MA allows up to a $2000 for amounts you paid.
On a side note, for 2006, employers may only wit hold SS on $94,200 worth of income, for a total of $5840.40 of withholding. Medicare is wit held on all income, regardless.
Also, if you have excess SS withholding (say from having 2 jobs) you will receive a credit on your Income Tax Return for the overpayment.
Hope this helps
2006-12-27 08:35:54 · answer #1 · answered by phall257 2 · 0⤊ 0⤋
FICA is your payment to Social Security remember when you get old the Social Security Department checks out how much income you earned in your life time and bases that on how much you get paid. That FICA you pay is taxes that is sent to the Social Security Department everyone pays it.
2006-12-27 15:49:26 · answer #2 · answered by Kaley 2 · 0⤊ 0⤋
Social Security
2006-12-27 15:49:27 · answer #3 · answered by Jill&Justin 5 · 0⤊ 0⤋
Money that was conficated for the gov't-approved/mandated Ponzi scam -- best known as Social Security.
If ANY private company managed the money the way the gov't does, the executives would all be convicted of Federal crimes and sent to prison for long terms. Uncle Sam is always looking out for your best interests.
``God bless America?'' Yeah, RIGHT!
2006-12-27 16:22:45 · answer #4 · answered by S D Modiano 5 · 1⤊ 0⤋
Social Security withholding.
2006-12-27 15:45:56 · answer #5 · answered by GJfromfla 3 · 0⤊ 0⤋
FICA is social security taxes.....6.2% of your salary.
2006-12-27 15:44:05 · answer #6 · answered by jseah114 6 · 0⤊ 0⤋
Social security, which is for retirement payments, or disability until you're retirement age.
FICA also includes payments for your eventual medicare.
2006-12-27 15:51:35 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
Federal income taxes.
2006-12-27 15:46:03 · answer #8 · answered by James B 1 · 0⤊ 3⤋
ITS ACTUALLY COMBINATION OF SOCIAL SECURITY AND MEDICARE TAX. YOU WILL NOT SEE THAT MONEY TIL RETIREMENT, KISS IT BYE BYE.
2006-12-27 15:47:28 · answer #9 · answered by jayndee13 4 · 1⤊ 0⤋