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  • Aug 18, 2008, 07:38 AM
    murali2
    Fica tax
    What is fica tax how it is calculated
  • Aug 18, 2008, 08:40 AM
    AtlantaTaxExpert
    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.

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