Here’s What You Need to Know About the FICA Tax Rate
Two of the three largest pieces of the federal budget — accounting for over half of total federal spending with over $2 trillion spent in 2017 alone — are Medicare/Medicaid and Social Security. These two programs represent an essential safety net for most Americans, giving everyone a backstop they can count on to ensure that they won’t spend their golden years struggling to afford basic necessities.
Read The Story: What Is the FICA Tax Rate? Everything You Need to Know
More About Taxes:
- How Much Money Gets Taken Out of Paychecks in Every State
- These 15 Countries Pay More in Taxes Than Americans
- How Much Money You Would Have If You Never Paid Taxes
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