FICA is a tax on employees and employers that is used to fund the Social Security system (Social Security and Medicare).
If you are a wage/salaried employee, FICA will be collected automatically by your employer and deducted from your pay before you are paid. The amount of FICA paid should be detailed in your payslip.
You can calculate how FICA affect your tax payments here, simply select the advanced tax calculator and enter your FICA details
Contact us if you would like to expand on the FICA information shown or share your personal experiences of how FICA have affected your tax return. Have FICA helped you pay less tax? If you are a website owner, Independent Financial Advisor etc, we will provide a link back to your website in recognition of your support.