is FICA a necessary tax?

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is FICA a necessary tax?

2007-07-17 12:47:39 · 5 answers · asked by K F 1 in Business & Finance ➔ Taxes ➔ United States

5 answers

Not when you are paying in, but your perspective will change when you are receiving benefits.

2007-07-17 13:49:39 · answer #1 · answered by ? 6 · 2⤊ 0⤋

From: http://en.wikipedia.org/wiki/Payroll_tax_in_the_United_States

"The FICA tax pays for Social Security and Medicare"

Are Social Security and Medicare necessary benefits?

I would say they are

2007-07-17 19:51:14 · answer #2 · answered by Elisabeth W 2 · 3⤊ 1⤋

Yes

2007-07-17 19:50:38 · answer #3 · answered by acermill 7 · 3⤊ 1⤋

Yes, it's levied on all earned income.

2007-07-17 19:53:21 · answer #4 · answered by Bostonian In MO 7 · 2⤊ 1⤋

Yes it is but if you are young you'll never see a fraction of the $ you put into.

2007-07-17 19:52:53 · answer #5 · answered by Erik 1 · 0⤊ 3⤋