What is the fica-hi tax?

Answer The FICA-HI tax is a federal payroll tax collected under the Federal Insurance Contributions Act (FICA). FICA taxes are used to support Social Security and Medicare.FactsThe HI in FICA-HI stands fo... Read More »

Top Q&A For: What is the fica-hi tax

If employee is exempt from FICA is employer also exempt from contributing to FICA for that employee?

What is the FICA Tax?

FICA--Federal Insurance Contributions Act was passed I believe in 1937. It is the Social Security Tax. You pay 7.65 % of your income to this and your employer matches it. Supposed to collect late... Read More »

What is a FICA tax?

under the fedaral insurance contributions act 12.4% of income up tto an annual limit must be paid into social security and a additional 2.9% must be paidd into medicare

What is a purpose of a fica tax?

The fica is taken out of your paychecks and added to the Social Security fund.