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24 March, 10:41

What do taxes collected under the Federal Insurance contribution Act (FICA) fund

A:social security and Medicaid

B:social security and Medicare

C:Medicaid and supplemental security income

D:Medicare and Medicaid

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Answers (1)
  1. 24 March, 10:52
    0
    Answer: B: social security and Medicare

    Explanation:

    Taxes collected under the Federal Insurance contribution Act (FICA) fund social security and Medicare.

    The Federal Insurance Contribution Act refers to United States federal law which mandates payroll contribution aimed towards employees and employers to fund Social Security and Medicare.

    Medicare refers to a federal health program for designed for Americans who are 65 years and above. It is also designed for younger Americans with certain disabilities or illnesses.

    Social security refers to a federal program that provides health insurance and income to retired persons, the needy or poor, the disable and other groups in the society.
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Home » Social Studies » What do taxes collected under the Federal Insurance contribution Act (FICA) fund A:social security and Medicaid B:social security and Medicare C:Medicaid and supplemental security income D:Medicare and Medicaid
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