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Glossary Definition

What is the FICA Tax Credit?

The Federal Insurance Contributions Act, or FICA, allows certain employers to claim a tax credit based on employee tips. Suppose you own a business in the food and beverage industry where tipping is customary. In that case, you can claim the FICA tax credit for the social security and Medicare taxes you paid on your employees’ tips.

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Read the latest tax planning thought leadership from Corvee.

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Tax Planning Strategies

Our team of tax experts has scoured tax rules and regulations to create detailed tax strategies you can use to find savings for your clients.

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