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Why was FICA created?

Updated: 10/18/2022
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12y ago

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Because of the Great Depression

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12y ago
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Q: Why was FICA created?
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Related questions

Who pays FICA taxes?

employers pay the fica tax


What is the FICA withholding rate for 2011?

what is the FICA rate for 2011


What are two of programs that FICA funds?

Social Security and Medicare are funded by FICA


What is the frequency of FICA and witholding depends on the amount taxes are due?

frequency of fica payments


If employee is exempt from FICA is employer also exempt from contributing to FICA for that employee?

Yes.


What is a purpose of a fica tax?

The fica is taken out of your paychecks and added to the Social Security fund.


Is fica taken out on short term disability?

why wasn't fica taken out of std checks


is their an age limit on who pays fica taxes?

is there an age limit on who pays fica taxes


What is the purpose of a FICA tax?

A Fica tax has several different purposes that serve different people. A Fica tax serves to finance government educational programs and developmental projects. A Fica tax also provides those who are disabled and/or retired with insurance.


What is FICA payable and fica Expense?

I am doing a certified payroll report and am not certain what they mean can someone tell me what they mean on the paystub of the employee, FICA, FEDERAL STATE TAX and SDI


How do you calculated fica?

You do not calculate FICA tax by asking Answers.com. You calculate the FiCA tax by going to the Internal Revenue Web Site and looking at the information on their form. Then you plug your numbers into their formula.


When do you stop paying FICA for the year?

The maximum amount of wages subject to the FICA-Social Security tax for 2009 is $106,800. There is no limit on the amount of wages subject to the FICA-Medicare tax.