The ongoing impact of the pandemic on Social Security has yet to be determined. But the death toll from COVID will continue to shrink employment and reduce FICA tax collection, affecting the longevity of funding for the Social Security system. FICA taxes, commonly known as payroll taxes, are withheld from employee paychecks for Social Security and Medicare. They help fund our Social Security program.
Published by Pamela Kweller, RSSA®
Pamela Kweller is the Content & Community Manager at RSSA. She is also certified as a Registered Social Security Analyst®. The mission of RSSA is to help Americans get the maximum Social Security income they have earned, enabling them to enjoy their lives more fully. Contact Pamela: pkweller@rssa.com View more posts