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Health and Life Insurance

Category - Tax Issues

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What is the U.S. payroll tax that is imposed by the federal government on both employers and employees to fund Medicare and Social Security?

FDIC
FICA
FHLIC
FNMA

Explanation

Answer: B - The U.S. payroll tax that is imposed by the federal government on both employers and employees to fund Medicare and Social Security is FICA. This stands for the Federal Insurance Contributions Act tax. Both employees and employers must pay a set percentage towards FICA.

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