is FICA = Social Security + Medicare taxes deducted from my paycheck? Or is it something else?
Am I missing anything?
2007-09-27 04:12:25 · 4 answers · asked by Alekz 1 in Business & Finance ➔ Taxes ➔ United States
FICA is social security and medicare taxes. The other things deducted from your paycheck is federal withholding and state withholding. Those are the taxes that you pay on April 15 every year. The only way you'd pay social security and medicare taxes on April 15 is if you were self-employed and still owed tax on April 15.
2007-09-27 04:18:05 · answer #1 · answered by Anonymous · 3⤊ 0⤋
FICA is social security. The taxes you file for by
April 15 are income taxes, a separate tax from that - if you have some taken out of your paycheck it will say something like federal withholding.
2007-09-27 04:42:01 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
No, FICA is not the same as the taxes you pay on April 15.
Yes, FICA(7.65%) is social security(6.2%) and medicare taxes(1.45%) combined. You would not get FICA taxes back until you retire.
When you file your tax return during the period from 1/1 to 4/15 every year, you are paying your city, state, and federal taxes. If you overpay these taxes, then you get a refund back from the Internal Revenue Services.
2007-09-27 14:37:29 · answer #3 · answered by EXTRA MILE 2 · 1⤊ 0⤋
There are two kinds of taxes you pay every year but they are both on the same tax form. One is income tax and the other is FICA which is social security and medicare.
2007-09-27 04:16:33 · answer #4 · answered by Don 5 · 0⤊ 0⤋