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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.
W4 Form Explained. When you start a new job, your employer will have you fill out an employee's withholding allowance certificate, or Form W-4. The W-4 is how you employer knows how much income tax to withhold from your paycheck.It's based on the number of allowances you claim from the personal allowances worksheet portion of the W-4. In general, you may claim one allowance for yourself and one for each of your dependents.4 Form Explained. When you start a new job, your employer will have you fill out an employee's withholding allowance certificate, or Form W-4. The W-4 is how you employer knows how much income tax to withhold from your paycheck.