•June 22, 2016•

By Gerald Tilley
Social Security District Manager in Decatur

Your first job is a landmark occasion. You’re meeting new people, making professional connections and probably cashing that first paycheck. You might be a little surprised when you see a portion of your earnings go to a tax called “FICA” for the Federal Insurance Contributions Act. This deduction goes to Social Security and is your way of helping us secure you today and tomorrow. It’s our job to keep the safety net of Social Security strong through your incremental contributions.

Understanding how important your contribution is takes some of the sting away because your taxes are helping millions of Americans. By law, employers must withhold Social Security taxes from workers’ paychecks. While referred to as “Social Security taxes” on an employee’s pay statement, sometimes the deduction is labeled as “FICA.” This stands for Federal Insurance Contributions Act, a reference to the original Social Security Act. Sometimes, you will see “OASDI,” which stands for Old Age, Survivors, and Disability Insurance, the official name for the Social Security Insurance program.      Login or Subscribe to read the rest of this story.