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I am 71 and work a part-time job to make ends meet. I've drawn Social Security since I was 62. Do you ever reach a time when you no longer have to pay FICA tax?
Last Updated: March 30, 2009
As long as you continue to work and earn an income, you will have FICA (Federal Insurance Contributions Act) tax withheld from your pay. Your future benefits will be adjusted accordingly. FICA tax for all workers adds up to 7.65% of gross income: 6.2% of the tax pays for Social Security benefits, and the other 1.45% pays for hospital benefits for Medicare beneficiaries.
FICA taxes for Social Security and Medicare benefits paid by all workers regardless of age are used to support the more than 50 million people who receive monthly Social Security benefits.
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