the difference between fica & federal?

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the difference between fica & federal?

2007-04-19 03:51:05 · 2 answers · asked by regine millien 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

FICA is for Social Security. Federal is federal income taxes.

2007-04-19 03:54:21 · answer #1 · answered by Ralfcoder 7 · 2⤊ 0⤋

The F in FICA stands for federal.

Federal Insurance Contributions Act, aka: Payroll Tax, Social Security Tax, Medicare Tax, are all the same. (Not to be confused with Fur Information Council of America, or Federation of International Cricketers’ Associations).

The money goes towards funding the Old-Age, Survivors, and Disability Insurance program and Medicare systems which are designed to go bankrupt in a couple of decades.

Federal Income Tax is a separate tax.

Both taxes are collected by the IRS.

2007-04-21 22:41:18 · answer #2 · answered by borat_almaty 2 · 0⤊ 0⤋