FICA is Social Security and Medicare taxes withheld. The Social Security tax rate is 6.2% and the Medicare tax rate is 1.45% for a total of 7.65\%. There is a maximum taxable earnings amount for Social Security, but there is no limit for Medicare. The book lists the Social Security maximum (on page 323), but that amount is a few years old. Please determine the current maximum taxable eamings for Social Security. When can a retiree coliect social security. There are different ages and differing amounts - how does that work? Can you still earn wages if you are collecting social security? What are the ramifications of that? Also, please explain what Social Security is meant to provide to citizens