Which statement does not describe an employee's FICA taxes and withholdings?

The statement that an employee is entitled to a refund for overpayment of FICA taxes is not accurate in the general context of FICA taxes. FICA, which stands for the Federal Insurance Contributions Act, comprises two components: Social Security tax and Medicare tax. Typically, these taxes are mandatory payroll deductions, and employees are responsible for paying a portion through withholdings.

While it is true that individuals may have overpayments due to various reasons, such as earning less than expected within a calendar year or having multiple jobs that led to excessive withholding, the general rule is that FICA taxes don't function in the same way as federal income taxes regarding refunds. FICA contributions are mainly for social benefits, and while adjustments may occur in certain scenarios—for instance, if a person made excess contributions due to changing employment—FICA taxes are not designed with the same refund investigation and process as income tax overpayments.

The other statements accurately represent the nature of FICA taxes and procedures: tax collection being handled by the employer; tax computation based on the current statutory rates; and regular deductions from wages at the time of payment are all correct components of the FICA tax process.