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Tag: FICA


Tax Code, Regulations and Guidance

Social Security Payroll Tax: A Comprehensive Guide for Small Businesses

February 1, 2024

Via: Fit Small Business

The Social Security payroll tax is imposed on employers and employees to gain funding for Americans under the Old-Age, Survivors, and Disability Insurance (OASDI) program as mandated by the Federal Insurance Contributions Act (FICA). The rate and payroll cap are […]


Tax Code, Regulations and Guidance

What Is the 2022 Social Security Tax Limit?

June 27, 2022

Via: Investopedia

How the Social Security Tax Works The Social Security tax, also known as the “Old-Age, Survivors, and Disability Insurance (OASDI) tax,” funds the Social Security program in the United States. As of September 2021, more than 65 million people were […]


Business Law & Regulations, Finance

Understanding FICA Tax: What It Is and How to Calculate It

July 20, 2021

Via: Fit Small Business

FICA (Federal Insurance Contributions Act) is a federal payroll tax on the paychecks of employees, as well as mandated contributions from employers to fund the Social Security and Medicare programs. Both employees and employers are responsible for paying 6.2% of […]


Tax Code, Regulations and Guidance

What Small Businesses Need to Know About FICA Tax

July 1, 2021

Via: Business News Daily

Paying taxes is a key responsibility of owning a business. While business owners need to be aware of several types of taxes, the biggest one is the Federal Insurance Contributions Act (FICA) tax. FICA taxes are paid by both employers […]


Know Your Rights, Tax Code, Regulations and Guidance

When Do I Stop Paying Social Security Tax?

February 21, 2020

Via: Investopedia

Of all the taxes that come out of your paycheck, none may be as inescapable as those that go to Social Security. Whether you’re salaried or self-employed, you must generally contribute throughout your entire working life. There are, however, a […]


Tax Code, Regulations and Guidance

Self Employed Contributions Act Tax – SECA Tax

August 7, 2018

Via: Investopedia

BREAKING DOWN ‘Self Employed Contributions Act Tax – SECA Tax’ The Self-Employment Contributions Act (SECA) of 1954 is a tax law that requires self-employed persons or owners of small businesses to pay both the employer and employee portions of the […]


Business Law & Regulations, Finance

FICA Taxes, Unemployment Insurance, & Workers Comp For Owners

March 8, 2016

Via: Fit Small Business

When you start hiring employees, you will have expenses over and above the salary that you pay them. Social security and medicare make up the taxes known as Federal Insurance Contributions Act (or FICA). FICA taxes, along with unemployment insurance […]