The FICA tax consists of Question 20 options: federal income tax and Social Security tax. Social Security tax and Medicare tax. federal income tax and Medicare tax. federal income tax.

Answer:

The FICA tax consists of Social Security tax and Medicare tax.

Explanation:

FICA is the acronym for the Federal Insurance Contributions Act, a federal law that establishes that both employers and workers must pay a percentage of their earnings or salary to a federal fund destined to contribute to the federal social insurance fund, which includes within itself Social Security and Medicare programs, destined to provide social and health services to the most disadvantaged sectors of the American population such as disabled or retired people, among others.

The FICA tax consists of Social Security tax and Medicare tax. It is a payroll tax that funds these two social insurance programs in the United States.

The Social Security tax is used to provide retirement, disability, and survivor benefits, while the Medicare tax funds the Medicare program, which provides healthcare services for individuals aged 65 and older and certain disabled individuals.

The FICA tax is deducted from the earnings of employees and matched by their employers to support these vital programs. Federal income tax is a separate tax and is not included in the FICA tax.

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