2007-05-11 15:13:58 · 6 answers · asked by charmed847 1 in Business & Finance ➔ Taxes ➔ United States
FICA is your social security and medicare tax
income tax is not the same thing
2007-05-11 15:20:57 · answer #1 · answered by Jo Blo 6 · 0⤊ 0⤋
No. FICA is your payment towards your Social Security benefits. Social Security payroll taxes are collected under authority of the Federal Insurance Contributions Act (FICA).
Your federal taxes are what they take out to run the government
2007-05-11 22:24:55 · answer #2 · answered by sirbuzz8 2 · 1⤊ 0⤋
The FICA taxes are for Medicare and Social Security. Your federal taxes are totally different.
2007-05-11 22:18:46 · answer #3 · answered by Texas Girl 3 · 0⤊ 0⤋
FICA is money taken out of your paycheck for Social Security and Medicare. It is a federal tax, but it isn't the same as income tax.
Most people, however, actually pay more in FICA taxes than in income taxes.
2007-05-11 22:58:22 · answer #4 · answered by A M Frantz 7 · 1⤊ 1⤋
FICA & fed taxes are different. FICA goes toward social security. When you work, you will have to file state & federal taxes. So the federal taxes the employer withhold go toward the federal tax forms you file each year.
2007-05-11 22:19:34 · answer #5 · answered by mn1463 3 · 1⤊ 0⤋
no fica is more of a retirement fund for federal employees for more look here http://en.wikipedia.org/wiki/FICA
2007-05-11 22:17:30 · answer #6 · answered by Anonymous · 0⤊ 3⤋