It’s better known as the Social Security Tax, and is one of the two FICA (Federal Insurance Contributions Act) taxes paid on a worker’s income. Medicare taxes make up the other (and smaller ...

FICA components Strictly speaking, FICA taxes consist of two parts since they're used to fund two different programs. The 7.65% tax includes a 6.2% Social Security tax and a 1.45% Medicare tax. If ...

Salary reduction contributions to a Roth SEP or Roth SIMPLE IRA are subject to federal income tax withholding, the Federal Insurance Contributions Act (FICA) taxes and the Federal Unemployment Tax ...

The Big Beautiful Bill brings strategic advantages for business owners, parents, and retirees – but only if you know how to ...

That’s because FICA taxes (which stands for the Federal Insurance Contributions Act, or payroll tax) are earmarked to fund Social Security.

Medicare is funded through a diverse mix of government contributions, payroll taxes, premiums paid by beneficiaries, and other revenues. Medicare, the federal health insurance program primarily ...

The 2025 tax law impacts estate planning for everyone, from young professionals to retirees. Here are 10 reasons to review your estate plan now, regardless of your wealth.