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Social Security and Medicare Tax Explained | FICA Taxes

In this video, we'll discuss the Social Security and Medicare tax (aka FICA taxes) in detail. We'll cover a brief history of these taxes, how they work, and if you can do anything to lower how much you owe. If you're curious about how the Social Security and Medicare tax works, then this video is for you! We'll explain everything you need to know about the tax in simple language, so you can understand it completely. Thanks for watching! 0:00 The Second Largest Tax You Pay 0:38 A Brief History of FICA Taxes 1:44 Social Security Tax Breakdown 2:06 Medicare Tax Breakdown 2:50 The Other Half of the Tax 3:59 How to Pay Less #socialsecurity #taxes #medicare ☑️Love our content? Subscribe!☑️    / @apennypinchersguide   Our website: https://apennypinchersguide.com/ DISCLOSURE: We are not financial advisers. The ideas presented in this video are for entertainment purposes only. Although the information is researched and vetted beforehand, it may not be up to date at the time of viewing. Please do your due diligence and research on the topic. You (and only you) are responsible for the financial decisions that you make.