Final answer:
FICA and FUTA taxes are imposed on both employers and employees in the United States. FICA consists of Social Security tax and Medicare tax, and FUTA is imposed on employers to fund unemployment insurance benefits.
Step-by-step explanation:
FICA and FUTA taxes are imposed on both employers and employees in the United States.
FICA stands for the Federal Insurance Contributions Act and consists of two components: Social Security tax and Medicare tax. It is used to fund Social Security and Medicare programs.
FUTA stands for the Federal Unemployment Tax Act and is used to fund unemployment insurance benefits for workers who become unemployed. It is imposed on employers only.