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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.
Quick Links. The Nevada System of Higher Education (NSHE) implemented the FICA alternative plan, effective July 1, 2005, which is administered by the stateâs Deferred Compensation Committee. The plan is for current and future NSHE employees who contribute to the FICA portion of Social Security. The stateâs FICA alternative plan will allow affected employees to accumulate retirement benefits in a manner different from Social Security. The FICA alternative plan is mandatory for all part-time, seasonal, temporary, and casual employees.