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FICA, or the Federal Insurance Contributions Act, consists of two main components: Social Security tax and Medicare tax. The Social Security tax funds retirement, disability, and survivorship benefits, while the Medicare tax finances healthcare for individuals aged 65 and older. Both taxes are deducted from employees' wages, with employers also contributing an equal amount.
What else can I help you with?
What are two of programs that FICA funds?
Social Security and Medicare are funded by FICA
What are the two divisions of the FICA?
Social Security and Medicare.
What are two of the programs that FICA funds?
Social Security and Medicare are funded by FICA
What two deductions are withheld under the FICA heading?
Medicare and Social Security are the payroll deductions withheld under FICA. These federal benefit programs are a part of the Federal Insurance Contributions Act.
What two deductions are withheld under FICA heading?
Medicare and Social Security are the payroll deductions withheld under FICA. These federal benefit programs are a part of the Federal Insurance Contributions Act.
What is the FICA withholding rate for 2011?
what is the FICA rate for 2011
Who pays FICA taxes?
employers pay the fica tax
What two payroll deductions are withheld under the fica heading?
Medicare and Social Security are the payroll deductions withheld under FICA. These federal benefit programs are a part of the Federal Insurance Contributions Act.
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 their an age limit on who pays fica taxes?
is there an age limit on who pays fica taxes
