define the term- fica tax this is a matching


Define the term- FICA TAX 

This is a matching tax paid equally by employee and employer. Two parts-OASDI and HIP. Current rate for OASDI is 6.2% on the first $102,000 earned in a year, and HI rate is 1.45% of all earnings.

 

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Accounting Basics: define the term- fica tax this is a matching
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