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The Federal Insurance Contributions Act (FICA) includes two primary taxes: the Social Security tax and the Medicare tax. The Social Security tax funds the Social Security program, providing benefits for retirees, disabled individuals, and survivors. The Medicare tax funds the Medicare program, which provides health insurance for individuals aged 65 and older and certain younger people with disabilities. Together, these taxes are typically deducted from an employee's paycheck and matched by employers.

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2w ago

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