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FICA = social security taxes. FICO is your credit score. There is no way to tell how many points your score will go down. With a low of 529 your score may tumble less than someone with a much higher score pre-bankruptcy.

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19y ago

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Are FICA taxes taken out of 401k contributions?

No, FICA taxes are not taken out of traditional 401(k) contributions. Since these contributions are made with pre-tax dollars, they reduce your taxable income for the year, and FICA taxes are applied only to your income before contributions. However, when you withdraw from your 401(k) in retirement, those distributions are subject to income tax, but not FICA taxes.


Can a corporation deduct its matching fica taxes?

Yes, a corporation can deduct its matching FICA taxes as a business expense on its tax return. The FICA taxes, which include Social Security and Medicare taxes, are considered payroll taxes, and the employer's portion is deductible. This deduction helps reduce the corporation's taxable income, ultimately lowering its overall tax liability.


Who pays FICA taxes?

employers pay the fica tax


What is the FICA withholding rate for 2011?

what is the FICA rate for 2011


What are two of programs that FICA funds?

Social Security and Medicare are funded by FICA


What is the frequency of FICA and witholding depends on the amount taxes are due?

frequency of fica payments


If employee is exempt from FICA is employer also exempt from contributing to FICA for that employee?

Yes.


What is a purpose of a fica tax?

The fica is taken out of your paychecks and added to the Social Security fund.


Is fica taken out on short term disability?

why wasn't fica taken out of std checks


is their an age limit on who pays fica taxes?

is there an age limit on who pays fica taxes


Do you pay FICA on 401k distributions?

No, you do not pay FICA taxes on 401(k) distributions.


Do you pay FICA on 401k withdrawals?

No, you do not pay FICA taxes on 401(k) withdrawals.