Assignment:
Federal and state taxes are not the only items withheld from your paycheck. There are other options such as benefits, the Federal Insurance Contribution Act (FICA), the Employee Retirement Income Security Act (ERISA), and Social Security. Watch the videos A Primer on Social Security and A Primer on the FICA Tax located to get a better understanding of both FICA and Social Security.
Answer the following questions:
- What is FICA? What percent do the employer and the employee pay?
- What is ERISA? When and why was it enacted?
- What do you feel is the future of Social Security, and why?
Your answer must be in 400 to 600 words, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format.