What is FICA? Get to Know the Federal Insurance Contributions Act

tax filing FICA responisibilities

The Federal Insurance Contributions Act (FICA) tax is comprised of Social Security and Medicare taxes, totaling 15.3 percent. Both employer and employee pay the 6.2 percent Social Security and 1.45 percent Medicare taxes. As we mentioned above, those earning more than $200,000 a year must pay an extra 0.9 percent in Medicare tax.

For further questions about Phoenix new business accounting, please contact Singer Tax & Accounting, PC today at (602) 482-8006.

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