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Social Security and Medicare Taxes - FICA The Federal Insurance Contributions Act (FICA) provides for a federal system of old-age, survivors, disability, and hospital insurance. The first three are financed by the social security tax, while hospital insurance is financed by the Medicare tax. To learn more about the five major benefits covered by Social Security taxes (retirement, disability, family benefits, survivors and Medicare). Employers must withhold social security and Medicare taxes from employees’ wages and pay a matching amount. These taxes have different rates and only the social security tax has a wage base limit. There is no wage base limit for Medicare tax; all covered wages are subject to Medicare tax. Love to read various articles? Over 1200 Educational Articles - various Topics are available. Thanks for dropping by. Suzie Suzie's Business Blog. Posted: Sunday 15th May 2005, 1:45 AM

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