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.
Self-Employment Tax Deduction. The self-employment tax deduction equals the equivalent of the employer portion of the self-employment taxes you paid during the year. For example, in 2012 the employer portion of the FICA taxed 6.2 percent for Social Security and 1.45 percent for Medicare.he Social Security tax and the Medicare tax, both authorized by Federal Insurance Contributions Act, apply to your earned income. Technically, you can't ever deduct your FICA taxes.