For the United States, the agreement applies to the old-age, survivors, and disability insurance program,and the corresponding tax laws (Federal Insurance Contributions Act (FICA) taxes for employment and Self-Employment Contributions Act (SECA) taxes for self-employment). The agreement does not apply to Medicare benefit provisions. If an employee is exempt from U.S. Social Security coverage under this agreement, neither the employee nor the employer share of the FICA tax is due as long as the exemption is effective. A self-employed person is exempt from paying SECA taxes (equivalent to the employee and employer shares of the FICA tax) for any period the exemption is effective.

For Finland, the agreement applies to old-age, disability, and survivors' pensions insurance under the National Pension Scheme and the general Survivors' Pension Scheme; the Employment Pension Scheme (including the pension schemes for the self-employed and for persons in the employ of the State, the Church and the communes, and the Seamen's Pension Scheme); the Employer's Social Security Contributions Act; sickness and maternity insurance; and, child allowances. If an employee is exempt from Finnish social security coverage as a result of the agreement, no contributions are due under these programs.