where do fica w/h goes on federa income tax?

Answer 1

FICA is actually comprised of two parts - the portion that pays for medicare and the part that pays for social security. Additionally, the employee pays for an identical amount of fica tax that the employer pays. You pay 6.2% for social security and 1.45% for medicare which totals 7.65% fica. Self-employed persons pay both halves of the fica tax or 15.3%.

If you are asking where do you put this on your tax return from your w-2 form, the answer is nowhere if you are an employee. You put in your wages on the wage line on page one and then put in your federal taxes withheld. You do not get a credit or deduction for the fica taxes you paid if you are an employee. (Self-employed persons can deduct one-half of the fica tax they pay as an adjustment to adjusted gross income on page one of form 1040.)

Answer 2

Fica is the portion of your pay withheld as your contribution to the Social Security Administration for (in theory) your future benefits. Actually, the money goes directly into the general fund for the operation of the United States government. An equal amount is charged to your employer as well, and that payment also goes into the general fund. The contribution amounts made to Social Security are just for reference. In reality, there is only one large pot of money, not separate sections for Social Security and other separate programs.

You do not get to deduct the Fica portion on your taxes as a deduction anywhere, or to take that amount as payments made against your account. The really horrible thing is that you are not guaranteed your contributions back in future years for Social Security.

Answer 3

Easy.....it doesn't.