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.
