5-5 Social Security and Medicare

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federal insurance contributions act (FICA)

It established the social security insurance

Social Security

an insurance program available through the U.S government that provide income to people who retire or who retire. it covers 90% of american jobs

Social security tax

the amount of social security a worker pays depends on the social security percentage and the maximum taxable income for that year

maximum taxable income

the maximum income on which a person must pay social security tax in a given year

FICA taxes

the money that an employee and employer contribute to social security and medicare

medicare tax

a set percentage of the entire with no maximum

social security number

a unique nine digit number that identifies a resident of the U.S.


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