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PAYCHEX > Federal Insurance Contributions Act > Flashcards

Federal Insurance Contributions Act Flashcards

1
Q

What is federal insurance Contributions act (FICA) tax for employees

A

A tax that is a part of the social security program created by the federal government to provide economic security to workers and their families. FICA tax is made up of two portions:

  1. Social security (old age, survivors, and disability insurance, or OASDI), and
  2. Medicare (hospital insurance)
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