Field Description - Tax - FICA Rate
The FICA Rate is the percentage of gross earnings withheld for FICA taxes.
Tips:
FICA is separated into two tax rates - Regular and Medicare.
Some employees with special retirement plans, such as the MSRS, are exempt from the Regular FICA tax, but must still pay the Medicare tax (referred to as Medicare-Only). Some employees are exempt from both Regular and Medicare FICA tax. This is controlled by the Employee FICA Code.
See Also: Field Description - Tax - FICA Income Limit, Field Description - Employee FICA Code
Where-Maintained: Federal & Medicare FICA Tax Table Maintenance (FEDM2 & FEDS2), Federal & Regular FICA Tax Table Maintenance (FEDM & FEDS)
Where-Used: Tax calculations
Format: 6.2 numeric