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Social Security and Medicare (FICA) Tax Deductions. FICA refers to the combined taxes withheld for Social Security and Medicare (FICA stands for the Federal Insurance Contributions Act). On your pay statement, Social Security taxes are referred to as OASDI, for Old Age Survivor and Disability Insurance. Medicare is shown as Fed Med/EE.
The law requires that employers withhold a certain amount of taxes from an employees pay check and submit it to the government through a tax system called FICA. FICA stands for Federal Insurance Contributions Act. As part of the tax payment social security taxes are withheld. Think of Social Security as an insurance. Itâs a way of providing monetary benefits upon retirement, or if one becomes disabled or for the surviving spouse or children in the event of death. They are financed by taxes due from the employee and the employer.