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The “FICA” payroll tax: An explanation
All of us who work and earn can see on each and every pay stub that a “payroll tax” or “FICA” (Federal Insurance Contributions Act) tax is withheld from our hard earned wages. And since it reduces our take-home pay, each of us should be keenly interested in where the monies from those taxes go and to what end - in other words, what they’re used for. In this Cedar Valley (IA) Business Monthly article by Matthew Frankel, the author unveils any mystery shrouding payroll taxes by explaining how they are calculated and how the money is used, and what the future may hold to ensure the programs funded by FICA taxes remain solvent. Click here to read more.
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