Which of the following is true regarding FICA taxes?
A)FICA taxes are paid only by the employee.
B)FICA taxes are paid only by the employer.
C)FICA taxes are paid in equal amounts by the employee and the employer.
D)FICA taxes are paid in different amounts by the employee and the employer.

Question

Quizplus · Accepted Answer

FICA taxes, which include Social Security and Medicare taxes, are paid in equal amounts by the employee and the employer. As of 2021, the employee and employer each pay 6.2% for Social Security taxes and 1.45% for Medicare taxes, for a total of 12.4% and 2.9%, respectively.

Which of the Following Is True Regarding FICA Taxes