FICA taxes include two components, which consist of
A) accident and disability insurance.
B) unemployment compensation and disability insurance.
C) Social Security and Medicare contributions.
D) old age and unemployment compensation.

Question

Quizplus · Accepted Answer

FICA taxes, which fund the Federal Insurance Contributions Act, include two main components: Social Security and Medicare contributions. These are payroll taxes paid by both employees and employers to fund the Social Security system and Medicare, providing benefits for retirees, the disabled, and children of deceased workers.

FICA Taxes Include Two Components, Which Consist of