Federal Contributions Act Tax
AKA: Social Sercurity
What is social security?
Social security was developed in 1935 and was made for those starting at the age of 62 and a later age of 67 to access. This mainly includes retirement income and is based on the average wage earned over the worker's lifetime.
What benefits do employees receive?
- Retirement income
- Disability income
- Medicare and Medicaid
- Death and Survivor ship benefits
Options for employees
- Fringe benefits
- Retirement plan Contribution
- Stock options
- Restricted Property