what is the fica tax
Who (or what) is FICA? The Federal Insurance Contributions Act (FICA) tax is comprised of the Social Security and Medicare taxes that are withheld by federal law. Social Security is currently 6.2 percent of eligible wages; Medicare is 1.45 percent of all wages. Social Security taxes fund retirement benefits, benefits for the dependents of retired workers, and benefits for the disabled and their dependents.