2006-11-19 09:59:56 · 4 answers · asked by missadrian05 2 in Business & Finance ➔ Taxes ➔ United States
It's social security withholdings and it is the enabling law (FICA) Federal Insurance Contributions Act (two lies for the price of one)
2006-11-19 10:04:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
FICA: is social security, they take money from your check to pay for retirement benefits, when you retire (62 for woman 65 for men) there suppose to hold your FICA earns in a government ssi offices,in an account in your name. they give you money when you retire, you receive monthly payment for monthly expenses & stuff you need.
it was device by the germany back in the day(i think it was WW1 im not sure) but instead of paying to everone they only paid to there retired milatry at age 55 you could receive your benefits.
i like canadas retirement program better they actually let you invest in stocks, so you get more money your fica dollar (they set theres up like a 401k)
2006-11-19 10:45:54 · answer #2 · answered by JOHN H 2 · 0⤊ 1⤋
This is one of Rachel's lines from an early episode of "Friends"
2006-11-19 10:03:51 · answer #3 · answered by Specsy 4 · 0⤊ 0⤋
the government.(social security)
i wish i knew
2006-11-19 10:02:04 · answer #4 · answered by voodomd 4 · 1⤊ 0⤋