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'.
About the author
Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.