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.
The 2014 FICA tax rate is 6.2% for social security taxes and 1.45% for Medicare taxes. This is the employeeâs contribution. The employer gives that much again for a total of 12.4% and 2.9% respectively that goes to the IRS on behalf of each employee. This reflects no change from 2013 (most of tax year 2012).