What is FICA? What percent do the employer and the employee pay?
The Federal Insurance Contributions Act (FICA) is the federal payroll tax system which is implemented in the United States and is imposed both on employers and the employees in order to fund Medicare and the Social Security system. This program provides benefits to children of the workers who are no more alive, retirees and disabled citizens. The tax base also provides financing to the healthcare sector, especially to institutions that provide insurance to employees who can afford to avail insurance benefits and afford health care costs and treatment. The total amount that an employee pays throughout his career indirectly Continue reading...
