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Name: 1) (T / F) Employee contributions to a 401(k) plan are deducted from wages before computing social security (FICA) taxes.2) (T / F) The amounts needed for journal payroll entries come from the
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How to fill out 1 fica taxes are

01
To fill out 1 FICA taxes, follow these steps:
02
Obtain a copy of Form 1040, U.S. Individual Income Tax Return.
03
Look for Schedule SE, Self-Employment Tax section in the form.
04
Fill in your personal information, including name, address, and Social Security Number.
05
Calculate your self-employment income and deductions related to self-employment.
06
Determine your net earnings from self-employment.
07
Use the Self-Employment Tax Computation Worksheet or Schedule SE to calculate the self-employment tax.
08
Transfer the calculated self-employment tax to the relevant section in Form 1040.
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Make sure to sign and date the form before filing it with the IRS.
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Keep a copy of the filled-out form and any supporting documents for your records.

Who needs 1 fica taxes are?

01
1 FICA taxes are necessary for individuals who are self-employed or have self-employment income.
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If you receive income from freelance work, independent contracting, or any form of self-employment, you will generally need to pay 1 FICA taxes.
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It ensures that self-employed individuals contribute to Social Security and Medicare programs, just like employees do through the FICA tax.
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However, specific eligibility and exemption rules may apply, so it is advisable to consult with a tax professional or refer to the IRS guidelines for further details.

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FICA taxes are federal payroll taxes that fund Social Security and Medicare programs. FICA stands for the Federal Insurance Contributions Act.
Employees who earn wages or salary are required to have FICA taxes withheld from their earnings. Employers also contribute by matching FICA tax amounts.
FICA taxes are not filled out in the traditional sense; they are automatically calculated and withheld from employee paychecks by employers. Employers report FICA contributions on Form 941.
The purpose of FICA taxes is to fund Social Security benefits for retirees, disabled individuals, and survivors, as well as to provide Medicare health benefits for the elderly.
Employers must report the total wages paid, FICA taxes withheld from employees, and the employer's matching contributions on Form 941.
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