My Employer and Employee FICA tax appear to be computing incorrectly. How do I correct them?
Did the employees receive bonuses, commissions, or overtime amounts that should be added to the gross income when computing the FICA tax? Note that in the User Fields there is an effect on tax section. Make sure that such fields are marked to be added to the gross income when computing the FICA tax (unless the gross income you’ve entered already includes these amounts). The other possibility is that you entered the wrong FICA rate or maximum OASDI earnings in the Rates section. Note that Fringe Facts expects you to enter the combined Social Security and Medicare rates in the Rate 1 field. The combined rate is 7.65%, not 6.2%. After you make the changes, don’t forget to recalculate with the Update Records option selected.
