The Federal Insurance Contributions Act (FICA) is a federal law that mandates a payroll tax on both employees and employers to fund Social Security and Medicare programs in the United States.
The hospital insurance portion of the tax assessed on compensation and self-employment earnings under the Federal Insurance Contributions Act (FICA). The Medicare tax is 2.9% of all earnings, with employers and employees each responsible for a portion.
Employment and estimated tax returns that are due quarterly to report gross wages paid and withholdings of income tax, Social Security tax, and Medicare tax. These include Forms 941, 942, and 943. Some state unemployment tax returns are also due quarterly.
