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September 2019

Understanding Your FICA Obligations as a Small Business Owner

Understanding Your FICA Obligations as a Small Business Owner

By | Payroll Tax Responsibilities | No Comments

The term FICA, which stands for Federal Insurance Contributions Act, is a mandatory federal tax that requires employees to pay a certain percentage of each paycheck towards the Medicare and Social Security programs. Employers must pay the same percentage as employees from every paycheck while self-employed individuals pay both the employer and employee portion of…

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