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Bascically FICA stands for Federal Insurance Contributions Plan. This tax is a part of the social security program enacted by the United States government very many years that is aimed on the provision of the retirement benefits to people.
In the basis of the program is the fact that every person makes contributions to the program throughout his working life in a form two taxes he pays: Social Security and Medicare. All together those taxes are called FICA. Every contribution made by a person is matched by his/her employer who is also entitled to also pay this tax in the amount equal to the amount of FICA tax of an employee.
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