February 26th, 2013

FICA is taken out of your earned income. What is the intended purpose for this tax and what percent is taken out per paycheck?

9 thoughts on “February 26th, 2013”

  1. Katherine Graham says:

    The intended purpose of FICA is to fund Social Security and Medicare (programs that benefit persons with disabilities, children of deceased workers, and people who are retired). 12.4% is paid into Social Security and 2.9% is paid into Medicare per paycheck. However, if you are a salaried or wage employee, you would only have to pay half of those percentages.

  2. Mike Finley says:

    Nice job, Katherine. A very clear and concise answer. The regular employee pays 7.65% of their earned income from their gross income. The small business owner gets a tax credit for the other half to even it out. Great work, Katherine.

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