Fica Tax

Social Security payroll taxes are collected under authority of the Federal Insurance Contributions Act (FICA). Those payroll taxes are called the FICA taxes. The payroll taxes collected by Social Security are taxes but are also called contributions to the social security system and thus the Federal Insurance Contributions Act. FICA is just the tax provisions of the Social Security Act as they appear in the Internal Revenue Code.

Fast Facts

  • FICA taxes are imposed on the employer and the employee to fund the Social Security system and Medicare.
  • US Supreme Court decided in Flemming v. Nestor that no one has an accrued property right in benefit from Social Security.

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Articles

Results 1-5 of 72 for "fica tax"

  • Keeping Employee Records for Tax Purposes

    If your small business has employees -- or if you use independent contractors -- you must keep certain records...
    • Site: nolo.com
  • Taxation Law Terms Glossary

    Staff Writer, Feb 15, 2006 -An automatic tax collected from employers and employees to finance specific progra...
    • Site: taxationlawfirms.com
  • Trust Fund Recovery Penalty

    In order to better understand how grounds for the imposition of a “trust fund recovery penalty” comes about it...
    • Site: taxationlawfirms.com
  • Payroll Taxes for Small Businesses

    By Attorney Stephen Fishman Whenever you hire an employee, you become an unpaid tax collector for the governme...
    • Site: taxationlawfirms.com
  • Record Keeping for Your Workers

    Keep permanent records on workers—whether employees or independent contractors—who provide services to your bu...
    • Site: taxationlawfirms.com

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