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3 years ago

What does FICA deduction consist of ?

2 answers:

7 0

FICA tax is the money that is taken out of workers' paychecks to pay older Americans their Social Security retirement and Medicare (Hospital Insurance) benefits. It is a mandatory payroll deduction. Two separate<span> taxes are added together and treated as one amount that is referred to as "payroll taxes" or FICA.</span>

Nana76 [90]3 years ago

5 0

The FICA tax deduction is made up of both Social Security Tax and Medicare Tax.

The federal insurance contribution tax (FICA) is the money removed from the employee’s paycheck to finance social security and Medicare programs.

<h2>Further Explanation</h2>

The FICA tax is imposed on employees and employers by the law of the United States to take care of social security treatment and Medicare of older American citizens. Also, part of the reason the money is removed from employee paycheck is to fund various federal programs meant to take care of people with disabilities and children of workers that have died.

The amount of money removed from your paycheck in your entire working career is what you receive as social security benefits when you retire or what the families of a dead worker receive.

Both workers and employees are mandated to pay FICA tax and it is 7.5% of what you earn if it is up to $127,200. Also, 6.7% of employees’ earnings are deducted for social security retirement benefits while the employer also pays a tax that is equal to the amount deducted from the employees earning.

Also, a self-employed person pays 15.3% of their net incomes.

Therefore, The FICA tax deduction is made up of both Social Security Tax and Medicare Tax.

LEARN MORE:

FICA deductions consist of brainly.com/question/9950857
What is the FICA deduction for someone with an annual gross income of $37890? brainly.com/question/14208089

KEYWORDS:

FICA tax deduction
medicare
social security benefits
united states
paychecks

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