The Federal Insurance Contributions Act (FICA) 2019-07-03 08:00:00

The Federal Insurance Contributions Act (FICA)

The Federal Insurance Contributions Act (FICA) is a US law introduced in 1935 that mandates a payroll tax on employee salaries and wages and on employer contributions to Social Security and Medicare programs.

FICA contributions are mandatory. Funds collected as a result of this payroll tax help fund programs such as Social Security and Medicare that pay for current retirees’ and other beneficiaries’ benefits.

 


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