For instance, let's say you earn before-tax wages of $100 as an employee.
You pay $7.65 FICA taxes.
Now, do you pay income taxes on the $100 or $92.35 ($100 - $7.65) ?
Please help!
Thanks!
2007-12-06 06:13:44 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
No. No deduction.....No exclusion.
You are taxed on the $100.00.
2007-12-06 06:21:49 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
Is Fica Tax Deductible
2016-12-28 13:38:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You pay taxes on $100. The only things on your paystub that are deductible are the Federal and state withholdings. However, keep in mind that FICA tax must still be reported on your 1040 if you file electronically, even though you don't get a deduction for it. The only people who get deductions for FICA are employers and self employed individuals. Since you are neither, this doesn't apply to you.
2007-12-06 06:27:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Some states allow you to deduct FICA taxes paid on your state return. MO does for one. It's not deductible on your Federal return, however.
2007-12-06 06:56:26 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
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RE:
are FICA taxes deductible or excludible from an individual's gross income?
For instance, let's say you earn before-tax wages of $100 as an employee.
You pay $7.65 FICA taxes.
Now, do you pay income taxes on the $100 or $92.35 ($100 - $7.65) ?
Please help!
Thanks!
2015-08-07 01:49:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
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No, you are not allowed to deduct FICA. Pay withheld for FICA is subject to federal income tax, and has been since the 1930's. Your federal taxable income is 50K minus any "exemptions" to which you are entitled, minus any "adjustments to income", and minus either the "standard deduction" or any "itemized deductions" that you claim. Federal income tax should have been withheld. If it was not, give your employer a new Form W-4 and claim fewer "allowances" than last time.
2016-04-07 21:00:14 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Fica or social security tax is not deductible on either your federal or state income tax returns if you are an employee and they withhold it. However you make take a credit if your self employed equal to half the FICA tax paid. See a professional before preparing your income taxes.
2007-12-06 06:23:01 · answer #7 · answered by Bean counter 3 · 0⤊ 2⤋
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2015-08-04 23:22:21 · answer #8 · answered by Anonymous · 0⤊ 0⤋
If you want to know why? Remember social security benefits are mostly not taxed!
2015-09-22 02:38:48 · answer #9 · answered by ? 1 · 0⤊ 0⤋