FICA tax

From Academic Kids

Federal Insurance Contributions Act (FICA) tax is a United States tax levied in an equal amount on employees and employers to fund old-age, survivors, and disability insurance portion of the Social Security system and the hospital insurance portion (Medicare).

For 2005, the Social Security Portion is 6.2% of wages up to $90,000 (this limit goes up each year). The Medicare portion is 1.45% of wages with no limit. If you start a new job halfway through the year and you have already hit the wage base limit for Social Security, your new employer is NOT allowed to stop withholding it until you reach the wage base limit with them. There are some cases, such as a successor-predecessor transfer, where what you have already had withheld is counted in your year-to-date today. If you've overpaid on Social Security because you've had more than 1 job during the year, you will get a refund when you file your taxes.

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