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Fica Taxes

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Federal Insurance Contribution Act (FICA) taxes, which include contributions to federal Social Security and Medicare programs, must be paid by all American workers, whether they are employed by a company or are self-employed. Small businesses that employ persons other than the owner or partners are required to withhold FICA taxes—along with regular income taxes—from the wages paid to employees, remit these taxes to the Internal Revenue Service (IRS), and make regularly scheduled reports to the IRS about the amount of taxes owed and paid.

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Copyright © 2011 Advameg, Inc.