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What Is the Federal Insurance Contributions Act (FICA)?

By Motley Fool Staff – Updated Jun 8, 2025 at 5:37 AM

Key Points

FICA taxes fund Social Security and Medicare, critical for retirees and Medicare recipients.
Employees and employers each pay a 7.65% FICA rate; self-employed pay 15.3%.
FICA's future challenges include potential deficits starting 2035, prompting reform debate.

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Hands pulling a paycheck out of an envelope. — Image source: Getty Images.

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