Where Do Your Social Security and Medicare Taxes Go?
Most W-2 employees' pay stubs detail the taxes and deductions that are taken from their gross pay. You'll almost certainly see two items among these deductions, in addition to federal and state or local income taxes: Social Security and Medicare taxes. These taxes are part of the Federal Insurance Contributions Act (FICA) tax, a group of payroll taxes that are collected from both the employer and the employee.
Original Article Source Credits: The Balance , https://www.thebalance.com/
Article Written By: Beverly Bird
Original Article Posted on: March 31, 2021
Link to Original Article: https://www.thebalance.com/where-do-social-security-and-medicare-taxes-go-1289990