Federal Insurance Contributions Act (FICA): What It Is, Who Pays

FICA explained: What to know about Social Security, Medicare tax rates

The portion of the Federal Insurance Contributions Act (FICA) tax paid by employers is 7.65 percent and the portion paidby employees is 7.65 percent (for a total of 15.3 percent).Suppose that absent FICA taxes, workers would have received a competitive equilibrium wage of 10.08 per hour. WithFICA taxes divided equally between employers and employees, the actual market wage is9.49 per hour. What is theincidence of the FICA tax? (Note: At the new market wage of 9.49 per hour, employers pay0.726 in

What does FICA stand for? What you need to know about federal payroll taxes.

Employees’ State Insurance Act, 1948: details you must know - iPleaders