Federal Insurance Contributions Act

Federal Insurance Contributions Act (FICA) tax /ˈfaɪkə/ is a United States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare —federal programs that provide benefits for retirees, the disabled, and children of deceased workers. The tax also provides funds to the health care system for institutions that provide healthcare for workers that do not have health insurance and can not afford healthcare treatment. Social Security benefits include old-age, survivors, and disability insurance (OASDI); Medicare provides hospital insurance benefits for the elderly.
Posts about Federal Insurance Contributions Act
  • What Are Social Security Survivors Benefits for Children?

    … Survivors Benefits overall are a monthly monetary stipend based on what you or your spouse has paid into the Social Security Administration (SSA) system. It is a component of that Federal Insurance Contributions Act (FICA) deduction on your paycheck. Survivor’s Benefits for Children As stated above, it is composed of benefits widowers and your…

    Bond and Botes- 32 readers -
  • What Are Social Security Survivor’s Benefits?

    …) system. It is a component of the Federal Insurance Contributions Act (FICA) deduction on your paycheck. Right now, there are about five million widowers receiving this benefit. Simply surviving your spouse, however, is not enough to qualify you for Survivor’s Benefits under the Act. There are always a couple of additional requirements when dealing…

    Bond and Botes- 26 readers -
  • Do I Still Need to Pay My Taxes if I File for Bankruptcy?

    … are sometimes referred to as “trust fund” taxes. They include an assortment of different types of taxes such as Medicare, Federal Insurance Contributions Act (FICA), and certain kinds of income and sales taxes. Second, the taxes that you are trying to discharge must be listed on a tax return that was supposed to be filed with the IRS or the state at least…

    Michael West/ Law Office of Michael West- 29 readers -