What is FICA Tax and How to Calculate FICA Tax
Paul Bryant06 Mar, 2023Finance
FICA tax is a federal tax that is assessed on both employees and employers to fund Social Security and Medicare programs. Understanding how to calculate FICA tax is essential for both employees and employers as it impacts take-home pay and overall business expenses. FICA tax is calculated based on an employee's gross income, with specific percentages allocated for Social Security and Medicare. Dancing Numbers provides a comprehensive guide to help individuals and businesses understand FICA tax, its importance, and step-by-step instructions on how to calculate it accurately.
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