This includes understanding Federal Insurance Contributions Act (FICA) taxes when trying to meet payroll tax withholding requirements. FICA taxes include Social Security and Medicare taxes for a total rate of 15.3%. Employers and employees split the FICA tax payment, each paying 7.65%. However, ...
There is a very limited exception for small employers with total annual payroll taxes — FICA and income tax withholding — of $1,000 or less for the full year. These employers can pay by check. The deposit schedule depends on the size of your payroll. Reporting FICA to the IRS. Usually...