What does FICA-MED on my paycheck deductions stand for?

Answer The abbreviation "FICA" on paychecks stands for Federal Insurance Contributions Act, which is commonly known as the Social Security tax. The abbreviation "MED" stands for Medicare. FICA and Medicar... Read More »

Top Q&A For: What does FICA-MED on my paycheck deductions st...

What does the FICA on my check deductions stand for?

FICA on your paycheck stands for the Federal Insurance Contributions Act (FICA). These check deductions are more commonly referred to as Social Security taxes. The Social Security system provides... Read More »

What does FICA mean on your paycheck?

According to the Social Security Administration, FICA, or the Federal Insurance Contribution Act, describes taxes collected to pay for Social Security benefits. In addition to Social Security, FICA... 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 »

Do you pay fica on deductions for an ira?

FICA taxes are taken out of your earned income. When you claim a tax deduction for your IRA contributions, when you pay your taxes, you are not refunded the FICA tax that you already paid.Source:IR... Read More »