Asked by
Pradeep Thirukumaran
on Oct 15, 2024Verified
The amount of FICA tax that employers must pay is exactly twice the amount of the FICA taxes withheld from their employees.
FICA Taxes
Taxes imposed on both employees and employers to fund Social Security and Medicare programs, based on earned wages.
Withheld
Refers to the portion of an individual’s earnings that is not directly paid to the individual by the employer, because it is set aside for purposes such as tax payments.
- Understand the principles and calculation methods for FICA taxes including employer and employee contributions.
Verified Answer
CC
Learning Objectives
- Understand the principles and calculation methods for FICA taxes including employer and employee contributions.