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    murali2's Avatar
    murali2 Posts: 1, Reputation: 1
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    #1

    Aug 18, 2008, 07:38 AM
    Fica tax
    What is fica tax how it is calculated
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    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.
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