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I show no federal income tax removed on my W-2, but have FICA M and FICA O removed, can I claim these and where did this money go?
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I show no federal income tax removed on my W-2, but have FICA M and FICA O removed, can I claim these and where did this money go?
No, these are not tax-deductible amounts.
Taxes under the Federal Insurance Contributions Act (FICA) are composed of the old-age, survivors, and disability insurance taxes, also known as Social Security taxes, and the hospital insurance tax, also known as Medicare taxes. Different rates apply for these taxes.
The current tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.
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I show no federal income tax removed on my W-2, but have FICA M and FICA O removed, can I claim these and where did this money go?
No, these are not tax-deductible amounts.
Taxes under the Federal Insurance Contributions Act (FICA) are composed of the old-age, survivors, and disability insurance taxes, also known as Social Security taxes, and the hospital insurance tax, also known as Medicare taxes. Different rates apply for these taxes.
The current tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.
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