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Video instructions and help with filling out and completing Are Form 843 Abated

Instructions and Help about Are Form 843 Abated

Okay for this video i wanted to quickly cover a request for a refund of fica taxes so fica taxes are payroll taxes withheld from your wages and so in certain cases in the u.s you might be exempt from fica taxes and so if you have them withheld from your paycheck you can file a refund claim to get those back so i've got one slide in front of us here with some of the rules and then an example uh form 843 which is the filing that's required in order to get this refund so generally if you are living and working in the u.s for a us-based employer your wages are going to be subject to federal payroll tax that is the baseline rule that applies to 99 of people that are living and working in the united states um the payroll tax is assessed under the um federal insurance contributions act that's where we get fica from and the tax rates um as of the end of 2023 um and going forward foreseeably here is going to be 6.2 percent um of social security tax and then a 1.45 medicare tax um these are assessed on the employee wages and then the employer has to match it um so it's basically these amounts times two in total but you as the employer are responsible for half so if we look at an example here we've got john he's an accountant for a company in florida he makes 40 00 a year which is all going to be subject to fica so john's employer has to take 2 480 of social security tax out of his paychecks throughout the year so that's six point two percent times forty and then five hundred and eighty dollars in medicare...

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