FICA Taxes

ℹ️ FICA stands for the Federal Insurance Contributions Act. FICA taxes are divided into two parts: Social Security tax and Medicare tax. This law outlines that taxes should be withheld from paychecks and used to fund the Social Security and Medicare programs.

🧾The Social Security tax rate is 6.2% of wages for 2021, and the Medicare tax rate is 1.45% of wages. Together, these make up a tax rate of 7.65% for FICA taxes.

📍Just about everyone pays FICA taxes, including resident aliens and many nonresident aliens. It doesn't matter whether you work part-time or full-time. However, you might be exempt from the FICA taxes!⚠️

🚨 If you are Nonresident alien student, scholar, professors, teachers, trainees, researchers, and other aliens temporarily present in the United States in F-1,J-1,M-1, or Q-1/Q-2, you are exempt from Social Security / Medicare Taxes on wages paid to you for services performed within the US. 💵 🇺🇸

🚨 IMPORTANT 🚨 : If you belong to one of the categories from above and FICA taxes were withheld in error from your paycheck, we can get those taxes back for you. ‼️Keep in mind, these refunds take WAY longer than standard income tax refunds. it will generally take at least 12 weeks for the IRS to process your FICA tax refund, in some cases even way longer.‼️

🔊There are some exceptions to those rules and if you want to know more about it, visit our web page www.taxreturn4you.com

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