Today we have an article to be shared from our NannyFusion member, 4nannytaxes.com on FICA and nanny taxes.
Social Security and Medicare, collectively known as FICA taxes, are a mystery to many domestic employers. Who is liable for them, how are they paid, and where are they reported are just some of the questions that plague domestic employers. While both taxes are calculated as a percentage of the gross wages, the employee’s portion of Social Security is 4.2% (for 2011 and 2012 only) while the employer’s portion is 6.2%, and both the employer and employee’s portion for Medicare is 1.45% of the gross wages.
One thought on “Do you know FICA?”
Comments are closed.