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Explaining Social Security’s Payroll Tax (FICA)
For most of us, whenever you look at your paystub you see the entry – often referred to as a “FICA” deduction. “FICA” is an acronym for “Federal Insurance Contributions Act”, which consists of a tax for both Social Security and Medicare, essentially the primary source of funding for both of those programs. Social Security represents a 6.2%, and Medicare is 1.45% tax on your earnings, which is matched by your employer. This article by columnist Hunter Kuffel CEPF appearing at Yahoo! Finance describes the FICA tax limits for both 2018 and 2019, and also some other Social Security changes for 2019. Click here to read more.
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