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Your salary is one thing to consider when reviewing a job offer but benefits are also important. Which of the following would not be a part of your benefits package?
a) matching contributions to a retirement account
b) healthcare insurance
c) FICA
d) disability insurance
FICA taxes
FICA stands for the Federal Insurance Contributions Act tax. It refers to the taxes paid to fund Social Security and Medicare programs. FICA taxes are mandatory payroll taxes split between the employee and employer.
Specifically:
Since FICA taxes are mandatory costs taken out of wages rather than compensation provided to the employee, they would not be marketed or included as an employee “benefit.” Employee benefits typically refer to additional compensation like health insurance, retirement contributions, paid time off, etc. that are provided on top of regular wages.
So in the context of evaluating a job offer’s total compensation package, FICA taxes paid would not be considered part of the promoted employee benefits, even though both the employee and employer pay their respective FICA tax contributions.