2007-12-18 10:21:20 · 4 answers · asked by Samid O 1 in Business & Finance ➔ Taxes ➔ United States
No. Earned income only. Interest income....dividend income and various others are regarded as "unearned" income. In other words, you did not directly work for it.
2007-12-18 10:26:15 · answer #1 · answered by loandude 4 · 0⤊ 0⤋
No, the FICA tax is a payroll, or employment tax that is assessed on the first $102,000 of gross wages. Since it is an employment tax that funds social security and medicare, any investment income (interest, dividends, capital gains) are exempt from the FICA taxes.
2007-12-18 10:28:43 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No; Only earned income is subject to FICA taxes. This would include Wages, Bonuses, Commissions earned.
2007-12-18 10:31:51 · answer #3 · answered by googie 7 · 0⤊ 0⤋
No, only the IRS and your state's revenue department want some of it not the Social Security Admiistration.
2007-12-18 12:28:26 · answer #4 · answered by Gary 5 · 0⤊ 0⤋