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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.
state of florida - bencor 401(a) fica alternative plan summary What is this retirement plan? The State of Florida BENCOR 401(a) FICA Alternative Plan is a qualified retirement plan under Federal tax law that covers part-time, seasonal and temporary employees of the State who are not covered by the Florida Retirement System. The Plan provides an alternative benefit to Social Security and exempts you from FICA (Social Security) payroll taxes. You continue to pay Medicare taxes on your wages. Enrollment in the Plan is automatic for every employee who works in a position covered by the Plan.