US News & World Report: What is the FICA Tax?

Published in US News & World Report on May 16, 2023

How to Calculate Your FICA Tax

If you’re considering starting your own business, you’ll want to think about FICA taxes. “Self-employed individuals, especially those new to entrepreneurship, often overlook an important distinction regarding FICA taxes and are met with an unwelcome surprise when they file their taxes,” says David Fowler, president and financial coach at High Mountain Financial Coaching LLC in Hawthorne, New Jersey. “Self-employed individuals have to pay both the employees’ half and the employers’ half – so they pay the full 15.3%.”

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