FICA

Discover a comprehensive guide about payroll taxes including their types, purposes, and the impact on both employees and employers.

Explore the fundamentals of the Federal Insurance Contributions Act (FICA) and how it funds Social Security and Medicare. Learn about its history, current rates, limits, and implications for both wage earners and the self-employed.

Gain insightful knowledge on the taxable wage base, including Social Security and Medicare taxation, how it affects your paycheck, and key considerations for self-employed individuals.