FICA stands for Federal Insurance Contributions Act, and the tax helps fund federal Medicare and Social Security programs.

FICA taxes are used to fund Social Security and Medicare. For most people, FICA taxes are 7.65%, which their employer matches. What Is the Federal Insurance Contributions Act (FICA)? | The Motley Fool ...

FICA stands for the Federal Insurance Contributions Act. This law mandates that employers withhold taxes from employee pay and make matching contributions to fund the Social Security and Medicare ...

The FICA tax (short for Federal Insurance Contributions Act) is a deduction from your paycheck that's used to pay for Social Security and Medicare. The 2024 FICA tax rate means 7.65% comes out of your ...

For tax year 2024, tax-deductible contributions of up to $8,300 can be made by those with an eligible family health insurance plan or $4,150 for those with individual coverage.