ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -FICA stands for Federal Insurance Contributions Act; it’s the federal payroll tax. The Federal Insurance Contributions Act (FICA) is a U.S. payroll tax deducted to fund the Social Security and Medicare programs. Your nine-digit number helps Social Security accurately record your covered wages or self-employment.

Detailed explanation-2: -What does finna mean? Finna, a contraction of fixing to, means “getting ready to do something.” It’s used to express a goal to take some sort of action in the near future.

Detailed explanation-3: -The acronym FICA stands for the Federal Insurance Contributions Act tax.

Detailed explanation-4: -Taxes under the Federal Insurance Contributions Act (FICA) are composed of the old-age, survivors, and disability insurance taxes, also known as social security taxes, and the hospital insurance tax, also known as Medicare taxes.

Detailed explanation-5: -Maximum taxable income FICA’s three components are Social Security, Medicare and FUTA taxes. Employers and employees split the bill for the Social Security and Medicare portion of FICA, and high-income employees pay an additional Medicare tax.