Question

The Federal Insurance Contributions Act provides retirement, disability, survivorship, and medical benefits to qualified workers. Laws require employers to withhold _____ taxes from employees' pay to cover costs of the system.

Answer 1

The Federal Insurance Contributions Act provides retirement, disability, survivorship, and medical benefits to qualified workers. Laws require employers to withhold FICA  taxes from employees' pay to cover costs of the system.

What is FICA tax?

On earnings, the FICA tax includes a 6.2 percent Social Security tax and a 1.45 percent Medicare tax. Only the first $142,800 in earnings are subject to Social Security tax in 2021.

Earnings exceeding $200,000 for single filers/$250,000 for joint filers may be subject to a 0.9 percent Medicare tax.

Thus, it is FICA tax.

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