How do I calculate FICA tax?

Answer Check RatesCheck the current Social Security and Medicare tax rates which are published by the Social Security Administration. As of 2010, the rates are 6.2 percent for Social Security and 1.45 per... Read More »

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How do I calculate FICA deductions?

Ask your employer whether you are treated as an independent contractor or an employee. If you are an independent contractor, you must pay the entire FICA taxes on your own. If you are an employee, ... Read More »

How to Calculate FICA With 401k?

FICA, which stands for Federal Insurance Contributions Act, is the federal law that requires employers to withhold Medicare and Social Security taxes from employees' wages. As of 2010, the Social S... Read More »

How to Calculate Payroll Deductions for FICA?

The Federal Insurance Contributions Act (FICA) controls the collection of Social Security and Medicare taxes. Consequently, these withholdings sometimes are noted on employee paychecks as FICA tax... Read More »

How do I calculate FICA taxes on a paycheck?

Calculate Medicare TaxMultiply the Medicare tax rate by the amount of your paycheck. As of 2010, the Medicare tax rate equals 1.45 percent for employees. For example, if your paycheck was $2,300, y... Read More »