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.
When paying independent contractors, employers do not have to pay any employer taxes. Employees typically have social security and Medicare (FICA) taxes taken out of their paycheck. Independent contractors, however, pay Self-Employment Tax (SE tax). SE tax is similar to the FICA taxes. With FICA taxes, half of the taxes are withheld from the employee paycheck and the other half is paid by the employer. But with SE tax, you will pay the entire tax.