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.

Question

Quizplus · Accepted Answer

FICA taxes are divided into two parts: Social Security taxes and Medicare taxes. Both the employer and the employee are responsible for paying these taxes. The employer is required to withhold the employee's share of taxes from their paycheck and match that amount. As of 2021, the Social Security tax rate is 6.2% and the Medicare tax rate is 1.45%, making the total FICA tax rate 7.65%.

Which of the Following Is True Regarding FICA Taxes