What Documents Can Be Used For FICA?

Who needs to comply with FICA?

Who does FICA affect?A practitioner who practices as defined in section 1 of the Attorneys Act 53 of 1979.A board of executors or a trust company or any other person that invests, keeps in safe custody, controls or administers trust property within the meaning of the Trust Property Control Act 57 of 1988.More items…•.

What do I need to FICA my bank account?

What documents are acceptable as proof of residenceUtility bill, e.g. municipal water and lights account or property managing agent statement.Bank statement from another bank on an official bank document or form.Municipal councillor’s letter.Tax certificate.Recent active lease or rental agreement.More items…

What are the consumer responsibilities in terms of FICA?

General consumer responsibilities include: The consumer must authorise staff and/or consultant to collect, view, collate, process and store FICA documents. … The consumer must not falsely state, impersonate, or otherwise misrepresent his/her identity and/or proof of residence and/or any other information provided.

Can I FICA online?

FICA identity verification – It can all be done online.

Is it safe to use bank statement as proof of address?

Most banks will accept a bank statement as proof of address, provided it’s recent. … Statements are typically accepted from banks, credit unions and building societies. Credit card statements, provided they’re recent, are also generally considered a legitimate option.

Can I use my payslip as proof of address?

Re: Proof of residence Please be advised that a payslip does not form part of our acceptable proof of residencies as per the FICA Act outline. You can provide any one of the following documents, showing your name and residential address.

What is the maximum penalty for non compliance with FICA?

The maximum penalty for these offences are 15 years or a fine not exceeding R100 million. There are also certain lesser offences that carry penalties of maximum sentences of five years or a fine not exceeding R million.

What documents do SARS accept as proof of residence?

Copy of proof residential address of the Representative (if not already registered with SARS)….1​​Document requiredValidity Period​​1.4​​​Medical aid statement​Less than 3 months old​1.5​Mortgage statement from mortgage lender​Less than 6 months old7 more rows•Oct 15, 2020

What is FICA documentation?

The term “FICA documentation” in point 8 is used to refer to a valid South African identity document or valid foreign passport and proof of address not older than 3 months and in the customer’s name. Examples: municipality bill/electricity bill, bank statement and retail account statement etc.

Is FICA required by law?

The Federal Insurance Contributions Act (FICA) is the federal law requiring you to withhold three separate taxes from the wages you pay your employees. FICA is comprised of the following taxes: 6.2 percent Social Security tax; … Since 2013, a 0.9 percent Medicare surtax when the employee earns over $200,000.

Why is FICA important?

The primary purpose of FICA is to protect companies and individuals by eliminating the possibility of money laundering from a transaction. The property industry creates various possibilities for such illegal activity, and therefore estate agencies are required to obtain documentation as set out in the act.

Who pays the FICA tax?

FICA taxes are an employer’s responsibility. But the employer splits the cost 50/50 with the employee by withholding half of the amount due from employees’ paychecks. The employer periodically sends both the employer and employee portions of FICA to the IRS using the Electronic Federal Tax Payments System (EFTPS).

How long are FICA documents valid for?

* The document must not be older than 3 months. ** The document must not be older than 12 months. (Please note: this is no longer applicable).

How do I get FICA approved?

FICA documents requiredCopy of ID document (SA Citizens) / Passport (Foreign Nationals)Proof of residential address less than three months old (for example utility bill, store account statement, bank document with residential address, DSTV account, municipal letter) … Copy of SARS document confirming income tax number.More items…

What do you do if you don’t have proof of address?

If you don’t have sufficient original documents to prove your address, some financial institutions and government agencies will accept an affidavit filled out by someone you live with. Check with the financial institution or government agency to find out if they have a specific form that you should use.

How do I submit FICA documents?

How to upload FICA documents.Log into 22seven and go to Settings in the left-hand navigation bar.Scroll down to the FICA documents section under the Your profile header. The status should be “Needed.”Upload proof of your ID by attaching the relevant image file and/or document. … The status will change to Checking and then to Done.

What does FICA compliant mean?

Are you FICA compliant? For you to enjoy the protection that comes with FICA, it is important to ensure that you are FICA compliant. This simply means that you need to take your South African ID, and your proof of residence, like a municipal bill, that is less than three months old, to your nearest bank branch.

How does FICA prevent money laundering?

The main purpose of FICA is to require a long list of accountable institutions and in addition to follow certain procedures and reports. To see suspicious activities or unusual transactions relating to combat money laundering.

What are FICA documents for Hollywood bets?

FICA is a copy of your identity document (ID, Passport, Drivers Licence) as well as a copy of your Proof of Address/Residence. The proof of address can be a utility bill that clearly shows your address and full name, and must not be older than three months.

Does everyone pay FICA tax?

FICA stands for Federal Insurance Contributions Act. FICA consists of two separate payroll taxes: Social Security (6.2% of pay) and Medicare (1.45% of pay), for a total of 7.65%. … Almost all employed and self-employed workers are covered by Social Security and are expected to pay FICA tax or self-employment taxes.

What is accepted as FICA documents?

Tax certificate. Recent active lease or rental agreement. Municipal rates and taxes invoice not older than 3 months. Account statement from a NCR (National Credit Regulator) registered service provider (NCR number must be visible/recorded on the document)