What Is FICA Tax? Understanding Its Impact on Your Paycheck and Social Security
Discover the crucial role of FICA tax in funding Social Security and Medicare, ensuring financial security for retirees and disabled Americans. This article delves into the shared employee-employer contributions, current rates, and how FICA impacts paychecks, while underscoring its vital societal role in sustaining essential social programs for future generations. Gain essential insights into how FICA shapes financial literacy and security.