surf66
Jan 24, 2008, 11:18 AM
I noticed a box for FICASS taxes and a box for Federal Taxes on wage statement. Please tell me what the Ficass tax is.
Thank you.
AtlantaTaxExpert
Jan 24, 2008, 01:42 PM
"FICASS" is a combination for FICA and SS.
FICA stands for Federal Insurance Contribution Act, and represents the combination of Social Security (6.2%) and Medicare (1.45%) which are flat taxes withheld at the rates noted.
SS is Social Security.