AP can perform the entire authorization function or selected portions of the process in cooperation with your host system. And, because the Visa DPS authorization system is flexible, you may customize support to meet your specific business requirements.
If desired, you can request voluntary Federal tax withholding from your monthly Social Security benefits. You may find doing this easier than paying quarterly estimated tax payments. See http://www.socialsecurity.gov/planners/taxwithold.htm.
FICA Wages and Taxes On Your W-2. Because you pay FICA taxes on your 401(k) deductions, your employer must count your contributions as taxable income on your annual W-2. Your wages, including your 401(k) contributions, from which Social Security tax was withheld, goes in Box 3 of your W-2.Your wages from which Medicare tax was deducted goes in Box 5.ertain pretax wages are exempt from both taxes, such as premiums for health insurance established through your employerâs cafeteria plan. Because your 401(k) contributions are not exempt from FICA, you must pay Social Security and Medicare taxes on your deductions.