The Federal Insurance Contributions Act (FICA) is a federal law that mandates a payroll tax on both employees and employers to fund Social Security and Medicare programs in the United States.
The Federal Insurance Contributions Act (FICA) is a U.S. federal payroll tax imposed on both employees and employers to fund Social Security and Medicare. Established by the Social Security Act of 1935, FICA contributes to long-term financial support for American retirees and other beneficiaries.
The hospital insurance portion of the tax assessed on compensation and self-employment earnings under the Federal Insurance Contributions Act (FICA). The Medicare tax is 2.9% of all earnings, with employers and employees each responsible for a portion.
Payroll taxes are taxes levied on wages and salaries. They include federal and state income tax, Social Security (FICA), and unemployment insurance.
Provision for Social Security (old-age, survivor's, and disability insurance) and Medicare (hospital insurance) for self-employed individuals. The rate is equal to the combined rates paid for Social Security by both employer and employee.
The Social Security tax, specifically the Old-Age, Survivors, and Disability Insurance (OASDI) portion, is a crucial federal tax under the Federal Insurance Contributions Act (FICA) that applies to compensation and self-employment earnings.
The W-2 Form is a tax form that each employer sends annually to each employee and to the IRS. It includes details of the employee's gross earnings and deductions for federal, state, and local income taxes as well as FICA. Employees are required to attach a copy to their tax returns.
