This website uses cookies to ensure you get the best experience. Learn more

fica

fica

fica Sentence Examples

  • Cook in Classical Review, August 1907), called "showing the fig" (faire la figue, far la fica or le fiche), originally prophylactic in character.

    1
    0
  • Cook in Classical Review, August 1907), called "showing the fig" (faire la figue, far la fica or le fiche), originally prophylactic in character.

    0
    0
  • With the receipt of each paycheck or when calculating their yearly taxes, many individuals wonder what "FICA" actually means.

    0
    0
  • FICA stands for the Federal Insurance Contributions Act; this is the government's tax on income to support the national social security program.

    0
    0
  • Although not called so at the time, this tax is what is known today as FICA.

    0
    0
  • Its provisions did not change, but it was renamed the Federal Income Contributions Act (FICA).

    0
    0
  • FICA, therefore, is the tax which funds social security.

    0
    0
  • Through FICA, the IRS gathers the money for the benefits program, which it then gives to the SSA to distribute to individuals approved to receive funds.

    0
    0
  • Every employed individual in the U.S. is required to pay FICA taxes on their income, regardless of whether they work for someone else or are self-employed.

    0
    0
  • However, employers are also required to pay FICA taxes for each of their employees.

    0
    0
  • Because employers and employees must both contribute, FICA is therefore more akin to a contribution program, despite technically being regarded as a tax.

    0
    0
  • FICA taxes support two different Social Security programs: Medicare's Hospital Insurance (HI) and the Old-Age, Survivors and Disability Insurance (OASDI).

    0
    0
  • For 2011, the FICA tax rate was a total 12.4 percent of net earned income, with 6.2 being payable by the employee and 6.2 payable by the employer.

    0
    0
  • This means that an individual earning more than $106,800 only pays 6.2 percent FICA taxes on $106,800, but not on any additional earnings.

    0
    0
  • Usually, employers automatically deduct an employee's portion of FICA taxes from their paycheck and remit them to the IRS.

    0
    0
  • However, the IRS holds an employee responsible for their FICA taxes.

    0
    0
  • Therefore, an employee may be held responsible for their employer's failure to pay FICA, and should always consult their paycheck to ensure that the proper taxes have been withheld.

    0
    0
  • Self-employed individuals, freelancers and independent contractors must pay FICA taxes before the yearly tax payment deadline set by the IRS, which falls on or around April 15th.

    0
    0
  • However, to avoid paying them late, these individuals should pay FICA on at least a quarterly basis.

    0
    0
  • The amount of owed FICA taxes is based on their expected annual income.

    0
    0
  • Failure to pay or the underpayment of FICA may subject employers and workers to fines and other penalties.

    0
    0
  • Overpayment of FICA entitles the individual or company to a refund of the amount overpaid.

    0
    0
  • To avoid a penalty, ensure that you satisfy your FICA obligations each year.

    0
    0
Browse other sentences examples →