what is the purpose of fica and why was it established
Purpose of FICA. The Social Security Act was established on Aug. 14, 1935 by President Franklin D. Roosevelt. It requires that employers, employees and self-employed people pay Social Security tax.The money is used to pay benefits to eligible disabled individuals, retirees, survivors of the deceased, and dependents of beneficiaries.he Social Security Act was established on Aug. 14, 1935 by President Franklin D. Roosevelt. It requires that employers, employees and self-employed people pay Social Security tax. The money is used to pay benefits to eligible disabled individuals, retirees, survivors of the deceased, and dependents of beneficiaries.