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3 answers

FICA IS Federal Income Contribution Acthttp://en.wikipedia.org/wiki/FICA_tax

pretty much it is social security and medicare, which is used when you become disabled or retired.

2007-01-14 18:07:26 · answer #1 · answered by crazeebitch2005 5 · 1 0

This is the dreaded "Financial Insurance Contributions Act" passed by FDR back in the 30's. (See history class, "New Deal".)

Everyone pays it. Nobody ever gets it back on their refund.

This is the money that's supposed to be placed in trust by the government and held until you reach retirement age. If you've paid into the system long enough, you can then draw on social security benefits until you die.

(You'll also see a tax called "medicare". Same tax, just one small portion of it.)

2007-01-15 05:29:43 · answer #2 · answered by Anonymous · 0 0

it is also on my pay stub, it could be either social security or medicare

2007-01-15 02:08:20 · answer #3 · answered by Anonymous · 0 0

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