Oct. 30, 2015 (All day) For additional semester dates and deadlines visit, the Registrar's office website. More.
FICA taxes aren't usually deductible on your return. The Federal Insurance Contributions Act imposes both a Social Security tax and a Medicare tax on income you earn from working during the year. When you work as an employee, you split the tax with your employer and your employer simply takes it out of your paycheck.hough self-employment taxes include the same taxes -- Social Security and Medicare -- as FICA taxes, they're treated differently on your income taxes. See, when you're self-employed, you pay the equivalent of both the employer and the employee portion of the FICA taxes.
FICA Wages and Taxes On Your W-2. Because you pay FICA taxes on your 401(k) deductions, your employer must count your contributions as taxable income on your annual W-2. Your wages, including your 401(k) contributions, from which Social Security tax was withheld, goes in Box 3 of your W-2.Your wages from which Medicare tax was deducted goes in Box 5.ertain pretax wages are exempt from both taxes, such as premiums for health insurance established through your employerâs cafeteria plan. Because your 401(k) contributions are not exempt from FICA, you must pay Social Security and Medicare taxes on your deductions.