Federal Insurance Contributions Act

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Introduction

Provides financing for Medicare through a mandatory payroll deduction Employers & employees pay 1.45% of wage earnings. Self employed persons pay 2.90%. In 1994, the income limits were eliminated, so that FICA is paid on all wages & self-employment income.

Additional terms

References

  1. Geriatrics Review Syllabus, American Geriatrics Society, 5th edition, 2002-2004