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.
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.
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.
employers pay the fica tax
what is the FICA rate for 2011
Social Security and Medicare are funded by FICA
frequency of fica payments
Yes.
The fica is taken out of your paychecks and added to the Social Security fund.
why wasn't fica taken out of std checks
is there an age limit on who pays fica taxes
No, you do not pay FICA taxes on 401(k) distributions.
No, you do not pay FICA taxes on 401(k) withdrawals.