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 law requires employers to withhold taxes from employee earnings to fund the Social Security and Medicare programs. These are called Federal Insurance Contributions Act (FICA) taxes. Your employer also pays a tax equal to the amount withheld from employee earnings. The self-employed pay Self-Employed Contributions Act (SECA) taxes on net earnings. SECA taxes also fund Social Security and Medicare. The self-employed pay both the employee and the employer share of SECA. But the law permits them to deduct half of the self-employment tax as a business expense.