Jul 26 2011
FICA Calculator
Payroll taxes for Social Security benefits are collected under the authority of the Federal Insurance Contributions Act, or FICA. Most people refer to these taxes as FICA tax. FICA remains the tax collection mechanism for Social Security. You can determine your amount due by using a FICA calculator.
What is the FICA tax used for?
FICA today is used to provide for the federal system of Old Age, Survivors, and Disability Insurance as well as hospital insurance.Old Age, Survivors and Disability claims are all funded by the Social Security system, while hospital insurance is funded by a Medicare tax.
Who is responsible for paying the FICA tax?
Leave a Reply
You must be logged in to post a comment.
