Federal Insurance Contributions Act (FICA)

What is the Federal Insurance Contributions Act?

 

The Federal Insurance Contributions Act (FICA; Authorized 1935) Statute requires an identical payroll tax payment by the employer to the employee, which is deducted from wages on their pay stubs. Part of the payment is applied to Medicare tax and Social Security tax systems.

 

Federal Insurance Contributions Act Tax

 

FICA is a U.S. law that mandates the federal government reduce citizens’ social security entitlements to fund Medicare. The FICA tax is the term for two income and employment taxes.

 

What is the Employee State Insurance Act?

 

Employee State Insurance Act An employee who suffered because of the following May claim from a financial protection scheme in the Philippines; this includes injury or sickness. To be eligible for Medicare and other benefits, they sign up for the plan.

 

Also, See: Federal Unemployment Tax Act (FUTA)