FICA dates back to 1935, the same year the U.S. established the Social Security program. In 1965, FICA was expanded to ...

FICA stands for Federal Insurance Contributions Act; it’s the federal payroll tax. A total of 7.65% of your gross wages goes to federal taxes. Your employer matches these percentages: USA TODAY ...

Payday can lift your spirits when your bank account is running low. However, as anyone in the workforce can tell you, take-home pay doesn’t usually equal gross pay. Instead, you share a chunk of your ...

Business News Daily provides resources, advice and product reviews to drive business growth. Our mission is to equip business owners with the knowledge and confidence to make informed decisions. As ...

There are a number of deductions that will occur from most employee’s compensation. Among these are applicable federal and state income taxes. Social Security deductions are also taken from each ...

Employees may be exempt from the withholding of Social Security and Medicare payroll (FICA) taxes if they have an F-1 or J-1 visa. Purdue University uses a web-based tax compliance system, called ...

I couldn’t help but snicker each time one of my adult children got their first paycheck. All three asked: What is FICA, and why is he taking so much of my money? I laughed not out of financial ...

Are Student Employees Exempt from FICA (OASDI and Medicare)? UTSA students who work on campus may be eligible for an exemption from Federal Insurance Contribution Act (FICA) taxes on wages earned ...