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Social Security and Medicare (FICA) Tax Deductions. FICA refers to the combined taxes withheld for Social Security and Medicare (FICA stands for the Federal Insurance Contributions Act). On your pay statement, Social Security taxes are referred to as OASDI, for Old Age Survivor and Disability Insurance. Medicare is shown as Fed Med/EE.
FICA and Medicare Tax (Social Security Tax) Q & A What is FICA tax? (Federal Insurance Contribution Act) FICA Provides benefits for retired workers and their dependents as well as for disabled workers and their dependents. What is Medicare tax? Government service that helps provide healthcare for senior citizens and disabled U.S. citizens. Who has to pay FICA/Medicare tax? All employees except for the following: 1.) Any working student registered and attending classes worth 6 (six) or more credit hours 2.) Qualifying Nonresident Alien employees under tax treaty. How are FICA and Medicare tax calculated? FICA is 6.2% of Taxable Gross for employees and 6.2% for employers. Medicare is 1.45% of Taxable Gross up to $200,000 and 2.35% on wages over $200,000 What is the FICA cap for the current year? 2014- $117,000 There is no cap Medicare I am receiving Social Security Benefits do I still have to pay