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Small Business 101: What Are FICA taxes?

What are FICA taxes?

FICA stands for the Federal Insurance Contributions Act.  FICA taxes are comprised of two separate taxes, social security and Medicare taxes, that are paid on wages earned for services performed.  Employers withhold and pay their employees' share of the FICA taxes and also pay the employer share.

For Year 2011, the maximum taxable earnings amount for Social Security is $106,800. The Social Security tax (OASDI) rate for wages paid in 2011 is 4.2 percent for employees and 6.2 percent for employers.

The Medicare Taxes Rate is 1.45% for both employers and employees.

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Source: http://www.halfpricesoft.com/business-blog/post/2011/09/29/What-are-FICA-taxes.aspx

More Stories By Casey Yang

I work for halfpricesoft.com. Halfpricesoft.com is a leading provider of easy-to-use 1099, W2 and Payroll Software solutions for accountants and small to medium size businesses. And its small business software can save user both time and money. For more information, visit http://www.halfpricesoft.com

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