amounts equivalent to the sum of taxes (employer-employee contributions) which would be imposed under the
Federal Insurance Contributions Act if the services of employees covered by the application and agreement constituted employment as defined in such Act." Presumably, the FICA equivalent liability under this agreement would be computed by incorporating revisions to chapter 21 of the Code subsequent to execution of the agreement.
In the United States, the
Federal Insurance Contributions Act tax (FICA, consisting of Social Security and Medicare tax) is imposed on wages from employment.
*
Federal Insurance Contributions Act (FICA) under IRC section 3121.
In general, the IRS (and the Social Security Administration (SSA)) has treated medical residents as employees, withholding
Federal Insurance Contributions Act (FICA) taxes from their salaries.
1441-1446),
Federal Insurance Contributions Act (Secs.
CPAs with restaurant clients know that a restaurant is responsible for paying
Federal Insurance Contributions Act (FICA) taxes (at 7.65%) on its employees' wages, including tips.
Generally, the
Federal Insurance Contributions Act (FICA) and Medicare taxes must be paid on the deferred amount.
Clarification: In the February "From The Tax Adviser" (page 34), the first sentence under the heading "WHAT'S INVOLVED" should have read (in part) "...household employers must report and pay
Federal Insurance Contributions Act, Medicare and Federal Unemployment Tax Act taxes and income tax withheld on an annual basis when filing their form 1040s."
In general, for wages of $1,000 or more paid after 1994, household employers must report and pay
Federal Insurance Contributions Act, Medicare and Federal Unemployment Tax Act taxes and withhold income tax on an annual basis when filing their form 1040s.
There is no change in the
Federal Insurance Contributions Act tax rates from 1995 to 1996: Each employer and employee is taxed at 7.65%--6.2% for Social Security and 1.45% for Medicare insurance, For self-employed workers the rate is 15.3%--12.4% for Social Security and 2.9% for Medicare.
* Ask if the client paid less than $1,000 for 1994 but more than $50 per quarter to a domestic employee and withheld and paid
Federal Insurance Contributions Act taxes for that employee.
During 1985 and 1986, Boyd Brothers treated its payments to long-haul truckers as wages and paid
Federal Insurance Contributions Act (FICA) taxes on the entire amount.