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1 1 (August 9, 2022)

handle is hein.crs/goveibn0001 and id is 1 raw text is: FICA Taxes (Social Security and Medicare Hospital Insurance) An employer pays an employee, creating a FICA tax liability. An employer generally withholds 7.65% of wages paid to an employee and matches that withholding with 7.65% from their own funds.' An employer generally deposits FICA taxes on a monthly or semiweekly basis. An employer's deposit schedule for a given calendar year depends on the employer's employment tax reporting history during a four-quarter lookback period, NOT on how often employees are paid. In 2022, the lookback period is: July 1, 2020, to June 30, 2021 (2020 Q3 to 2021 Q2). Employers who reported: $50,000 or less in taxes are depositors. For a monthly depositor, FICA taxes on all wages paid in a month are C I a ) I seman 00000a a e m00 00 more than $50,000 in taxes are semiweekly depositors. If the employer is a semiweekly depositor, then FICA taxes on wages paid are... a if wages are paid on Wednesday, Thursday, or Friday. due the follawrnq Friday if wages are paid on Saturday, Sunday, Monday, or Tuesday. Q a aQ a e 00$ 0 a a.o$I Regardless of an employer's usual deposit schedule, the one-day rule requires them to deposit taxes on the nex business day anytime they accrued $100,000 or more in taxes. l0 C00 ... . . _ __ ' Nearly all employers will file Form 941 quarterly to reconcile FICA tax deposits made during the quarter with their actual tax liability. Form 941 is also used to claim credits against FICA taxes.

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