The Federal Insurance Contributions Act (FICA)

Federal Insurance Contributions Act

What Is the Federal Insurance Contributions Act (FICA)? The Federal Insurance Contributions Act (FICA) of 1935 imposed a payroll tax on U.S. wage earners’ paychecks and required employers to make equivalent amounts. The proceeds from this tax are used to fund the nation’s Social Security and Medicare programs. The goal behind the act from the […]

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