FICA
Federal Insurance Contributions Act taxes funding Social Security and Medicare, split equally between employer and employee. Total rate is 15.3% on wages up to the Social Security wage base.
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Related Terms
Social Security tax
A 12.4% payroll tax funding Social Security retirement and d...
Medicare tax
A 2.9% payroll tax funding Medicare, split between employer ...
Self-employment tax
The Social Security and Medicare tax paid by self-employed i...
Payroll tax
Taxes withheld from wages to fund Social Security and Medica...