Definition of Federal Insurance Contribution Act Payroll Tax

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TeachMeFinance.com - explain Federal Insurance Contribution Act Payroll Tax



Federal Insurance Contribution Act Payroll Tax

The term 'Federal Insurance Contribution Act Payroll Tax ' as it applies to the area of Medicare in the United States can be defined as ' Medicare's share of FICA is used to fund the HI Trust Fund. In FY 1995, employers and employees each contributed 1.45 percent of taxable wages, with no limitations, to the HI Trust Fund'.

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Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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