FICA
Categories: Insurance, Real Estate, Banking, Ethics/Morals
There's death. And there are taxes. We all pay taxes. And if you don’t, then…you might be flirting with the “death” thing. But yeah, pretty much everyone pays taxes, and if you accept a paycheck, someone pays FICA.
How does the government know it’s going to take your FICA? Your employer has to withhold it from your paycheck. FICA stands for Federal Insurance Contributions Act...and represents your contribution to Medicare and Social Security.
FICA tax runs 15.3%. You pay half…and your employer pays half. Will you actually receive the benefit from your contribution?
Eh, that's another ball of wax...