1. FICA PAYROLL TAXES: The FICA payroll tax is involuntary, meaning you have no say in whether it comes out of your paycheck or how much comes out. The original act was enacted in 1937 to fund Social Security so that workers would have retirement in their older age. Thirty years later, they added an additional tax to fund Medicare, designed to cover workers' medical costs in their retirement. The original FICA tax rate was 2% (half paid by employees and the other half paid by employers). The FICA rate has steadily increased since that time. For most of the 2000's, the tax rate has been 15.3%, half paid by the employees (7.65%) and another 7.65% that is matched by the employers. Given FICA's original purpose and our current Social Security and Medicare system, does this increase since 1937 seem reasonable or is it not enough? Explain. (6pts) 1. FICA PAYROLL TAXES: The FICA payroll tax is involuntary, meaning you have no say in whether it comes out of your paycheck or how much comes out. The original act was enacted in 1937 to fund Social Security so that workers would have retirement in their older age. Thirty years later, they added an additional tax to fund Medicare, designed to cover workers' medical costs in their retirement. The original FICA tax rate was 2% (half paid by employees and the other half paid by employers). The FICA rate has steadily increased since that time. For most of the 2000's, the tax rate has been 15.3%, half paid by the employees (7.65%) and another 7.65% that is matched by the employers. Given FICA's original purpose and our current Social Security and Medicare system, does this increase since 1937 seem reasonable or is it not enough? Explain. (6pts)