2007-02-21 07:10:48 · 9 answers · asked by D.C. 1 in Business & Finance ➔ Taxes ➔ United States
FICA that you pay is the combination of Social Security and Medicare taxes. If you add up the two on a paystub, the equal your FICA
2007-02-21 07:17:57 · answer #1 · answered by Paul A 2 · 0⤊ 1⤋
Yes.
FICA is the legislative term (Federal Insurance Contributions Act) and
Social Security is the generic term.
FICA/Social Security is split between two parts; Social Security and Medicare.
Social Security is taxed @ 6.2% for every dollar earned up to a max which changes every year - Medicare is taxed @ 1.45% for every dollar; there is no limit on Medicare withholding.
Reach out to your local IRS district office and pick up a Circular E - it will explain everything.
2007-02-21 07:28:25 · answer #2 · answered by bold4bs 4 · 1⤊ 0⤋
No. FICA collects money for both Social Security and Medicare. It is a superset.
2007-02-21 08:36:19 · answer #3 · answered by Quixotic 3 · 0⤊ 0⤋
YUP!
It's how extract money from our paychecks and it gets flushed down the toilet because we won't ever see the benefits.
You have FICA (social security) and medicare. They are totally separate (don't listen to "Paul A" - they are not the same!)
2007-02-21 07:25:07 · answer #4 · answered by Dizney 5 · 0⤊ 0⤋
Social Security Disability Help - http://DisabilityHelp.siopu.com/?zrD
2017-04-05 12:17:38 · answer #5 · answered by Tamika 3 · 0⤊ 0⤋
Yes
2007-02-21 07:15:05 · answer #6 · answered by dwh12345 5 · 1⤊ 0⤋
Yes, exactcly the same. For self employed it is called self employment tax
2007-02-21 07:24:31 · answer #7 · answered by Clay McFarland 1 · 0⤊ 0⤋
I need a quick answer, on the wages box on turbo tax's free edition, do I list net pay or gross pay?
2014-01-01 18:13:10 · answer #8 · answered by Very Sad 4 · 0⤊ 0⤋
Yes.
2007-02-21 07:18:14 · answer #9 · answered by mistrhistre 3 · 0⤊ 0⤋