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sunniedispo28 | Why do i pay fica taxes? what are fica taxes? |
I know that I am paying twice as much for FICA as I am federal withholding. What's this all about?
Additional Details
But why is it so much? I'm paying DOUBLE what I am in regular federal taxes. |
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Charles G
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FICA is social security and medicaid.
Why so much? Because it costs so much. Actually, presently, FICA takes in a tad more than it spends for its social programs, but when the "boomers" become retired, that will no longer be true.
Then, in the future, people (politicians) will have to decide, more social security taxes or less benefits or take social security out of the general (income tax) fund. Or, more likely, some combination. |
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Veritatum17
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FICA blows French Jesuit goats. It comes out to 7.65% on your salary up to $102,000. If it's twice your Federal withholding you may have too many exemptions claimed. |
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Michael R
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"FICA (Federal Insurance Contribution Act) is social security and medicare.
On gross income
Social Security is 6.2% up to $100k or so
Medicare is about 1.5% with no limit" - pagodaboy2001
You are very close. You will pay 6.2% for social security up to $102k in 2008.
Also, another note your employer pays the same amount of FICA tax for you. That's why self employed people have to play 12.4% Social Security and 3% Medicare, which is referred to as SE tax.
Your federal tax withholding is determined by how many allowances you claimed on the W-4 you filled out when you got hired. If you have 4+ allowances and make under $50k, then yes, you will pay more tax to FICA. When you file your federal return the tax rates are 10%, 15%, 25%, 28%, 33%, 35%, which may be slightly off from your with-holdings that were based off your allowances. But generally, if you fill out the W-4 honestly, when you file your tax return you should be +/- a few hundreds of dollars of zero. So technically, the Federal tax withheld on your paycheck is NOT your actual tax due to the IRS. At the end of the year it could be more or less. |
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pagodaboy2001
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FICA (Federal Insurance Contribution Act) is social security and medicare.
On gross income
Social Security is 6.2% up to $100k or so
Medicare is about 1.5% with no limit
Your Federal Income Tax is based on your exemptions. You set the number so if you have 7 exemptions then your FICA in proportion to your income tax is going to be more. |
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me
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FICA stands for -Federal Insurance Contributions Act- which is the law that authorizes it. FICA is Social Security Tax. If your gross salary/wage is under 100,000, FICA withholding is 7.65% of your gross pay. |
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acmeraven
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FICA is what Social Security/Medicare is usually called. |
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Nick G
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there is no way fica should be twice as much as federal its only 7.65 percent of your pay so i dont understand why everyone is bitchin if you ever collect social security or medicare benifits you will see it is well worth it |
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Thomas D
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Thats for your Social Security |
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Stephen M
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and if you elect Obama, it will keep going up |
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