How FICA Taxes Show Up in Holistiplan?

Usually, they will not; but you can add them in Scenario Analysis!

FICA (the acronym for Federal Insurance Contributions Act) is deducted from each W-2 employee's paycheck to cover contributions to Medicare and Social Security. You can see how they are reported on the W-2 here. Because this is a payroll tax and not technically part of your income tax, Holistiplan will not read in anything related to FICA from an uploaded tax return, with two exceptions - Additional Medicare Taxes and Self Employment Tax.

Additional Medicare Taxes - This occurs when if a taxpayer will have excess Medicare tax withheld of 0.9% (as reported on Form 8959) on wages in excess of $200k for single filers, $250k for married filing jointly filers, or $125k for married filing separately filers. In that case, you may wish to enter the amount of that withholding in the "Other" row after expanding the Withholding section at the bottom of the Scenario Analysis screen as shown below.

Self Employment Taxes - This occurs for self-employed (SE) individuals who pay those Social Security and Medicare taxes in the form of SE Taxes that are calculated on Schedule SE, and are reported on Schedule 2.

Aside from these two exceptions, FICA will not populate in Holistiplan from an uploaded return. However, you can account for FICA Taxes as seen below by making some entries within the Wages Worksheet


FICA Taxes - More Info Needed


If you have any questions, please Contact our Support Team for more assistance!