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FICA stands for the Federal Insurance Contributions Act. This feeds Social Security. Each employee and employer must pay 7.65% of gross pay into the fund. Self-employed individuals must pay the full 15.3%.
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answered 10 months ago
In addition to the answer above, fica tax is composed of social security and medicare. The breakdown is social security 6.2% and medicare is 1.45%. Social security tax has a limit. The limit for 2009 is $106,000. Even though an employee may have reached their social security tax limit, they still need to pay medicare tax.
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Guest
answered 9 months ago
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