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.
To calculate FICA taxes from an employee's paycheck, you will need to know: 1  The amount of gross pay for the employee for that pay period. 2  The total year-to-date gross pay for that employee. 3  The Social Security and Medicare withholding rates for that year (see below) 4  Any amounts deducted from that employee's pay for pre-tax retirement plans.