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Social Security and Medicare Payroll Taxes, explained

Almost everyone who works is familiar with the entry on their paystub called “FICA,” and they know that it means that some money is taken out of their earnings for it. But not everyone can tell you, except perhaps very vaguely, how much and what that tax is and what happens to the dollars you pay for it from your hard-earned paycheck. In this Motley Fool article, Matthew Frankel provides a detailed explanation of payroll taxes, including how much you pay for both Medicare and Social Security. Click here to read more.

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