What is FICA on a Paystub?

What is FICA? Are deductions necessary? Do you find yourself asking these questions every time? Lots of people wonder about the same thing, and these are good questions to ask. It is excellent to know who you owe taxes, how much, and why are you paying them.

There are many taxes which you will get to see. But an excellent place to begin is by asking what is fica on a pay stub. In this blog, we shall make you understand this very topic, and by the end of this blog, you will have a clear understanding of FICA on a pay stub.

If you are looking for a real pay stubs generator, then Stubbuilder is the perfect solution for you to begin with!

Origin of FICA

FICA initially stands for Federal Insurance Contributions Act (FICA). Created in 1935 by President Franklin Roosevelt, it was not labeled FDIC. Instead, it was called the Social Security Act (SSA).

The motive for creating this act was to provide elderly and retired individuals with money for retirement.

While this was initially designed as a voluntary program, it is no longer voluntary. Anybody who works and earns an income must pay into this fund. You can do this by using a pay stubs generator which provides you with an effective way to make a real pay stub. You could acquire penalty fines for not paying your taxes quarterly.

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