murali2
Aug 18, 2008, 07:38 AM
What is fica tax how it is calculated
AtlantaTaxExpert
Aug 18, 2008, 08:40 AM
FICA taxes are the Social Security and Medicare taxes.
Social Security is assessed at 6.2% of every dollar earned up to $104,000 in 2008.
Medicare is assessed at 1.45% on EVERY dollar earned; there is NO CAP for Medicare taxes.