Monday, July 2, 2012

FICA

Employees pay FICA to fund their Social Security. Those who are self-employed pay SECA. --------------------------------- The Federal Insurance Contributions Act (FICA) and the Self Employed Contributions Act (SECA) are both U.S. laws that tax people's incomes as they are paid. They are specifically designed to fund Social Security and Medicare, and the primary difference between them is whom they apply to--FICA is for employees, while SECA is for the self-employed.

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