ederal nsurance ontributions ct: An employment tax on wages paid by both the employer and employee in matching amounts. The tax goes to fund the Social Security and Medicare systems.

Federal Insurance Contribution Act. (FICA is commonly referred to as Social Security Tax.)

Federal Insurance Contributions Act consists of two taxes: the Social Security tax and the Medicare tax.

Federal Insurance Compensation Act

U.S. Federal Insurance Contribution Act. Refers to... Add a comment

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Federation of International Cricketers Associations

a tax on employees and employers that is used to fund the Social Security system

The amount withheld from your paycheck for Social Security taxes. You pay half of your FICA tax; your employer pays the other half.

FICA stands for "Federal Insurance Contribution Act", the name of the piece of federal legislation that established the Social Security payroll tax. The current FICA tax rate is 15%, half of which is paid by the employer and half by the employee. International students on a F-1 or J-1 visa who are non-resident aliens for tax purposes (have been in the US for less than 5 years) are exempt from FICA if their employment is directly related to their purpose for being in the US (e.g., practical training or academic training). Money earned by a J-2 dependent, however, is subject to FICA taxes.

Federal Insurance Corporation of America (Social Security Tax)

Financial Intelligence Centre Act, introduced in South Africa to eliminate money laundering and fraud at international level

The law that provides for social security and Medicare benefits. This program is financed by payroll taxes imposed equally on the employer and the employee. For 1999, the employer is required to withhold 1.45 percent from each employee's gross wages for Medicare tax and 6.2 percent of each employee's wages up to $72,600 for social security tax.

Federal Insurance Contributions Act. Social security taxes, which must be paid via payroll taxes or self-employment tax.

See “ Federal Insurance Contributions Act.

Federal Insurance Contributions Act. Government legislation that funds Social Security.

Social Security taxes (Federal Insurance Corporation of America).

The Federal law that taxes employee wages for Social Security and other programs.

The federal law that requires your employer to withhold Social Security and Medicare taxes from your wages.

Federal Insurance Contributions Act, a mandatory withholding used for Social Security.

Federal Insurance Contributions Act (pronounced fike-a) - Social Security taxes.

Federal Insurance Contributions Act; see “Payroll Taxes

Federal Insurance Contributions Act. It also describes the combined taxes levied for social security and Medicare.

Federal Insurance Contributions Act. A federal law imposing a payroll tax to assist in funding Social Security benefits.

The Federal Insurance Contributions Act (FICA) consists of both a social security (old age, survivors, and disability insurance) payroll tax and a Medicare (hospital insurance) tax. The tax is levied on employers, employees, and self-employed individuals. See also self-employment tax.

Federal Insurance Contributions Act. A reference used to indicate the combination of the Social Security tax and the Medicare tax. For the year 2006, the employee's FICA tax rate is 7.65% on the first $94,200 of an employee's salary or wages and then 1.45% (the Medicare tax) on any salary or wages in excess of $94,200. The employer must match the employee's FICA tax, so that the combined employee and employer tax is 15.30% on each's employee's first $94,200 of annual wages and then 2.90% on any salary or wages in excess of $94,200. To learn more, see Explanation of Payroll Accounting. To Top

Federal Insurance Contribution Act. FICA indicates the payroll taxes for both Social Security taxes and Medicare taxes. To learn more, see Explanation of Payroll Accounting To Top

Federal Insurance Contributions Act. Social security taxes (for both old-age, survivors and disability insurance-OASDI-and Medicare).

Tax taken out of an individual's income for social security.

(Federal Insurance Contribution Act) An employment tax. The combination of Social Security tax and Medicare tax. The federal Social Security and Medicare system.

Federal Insurance Contributions Act, a payroll expenditure representing social security tax. FISCAL YEAR: The twelve (12) month period beginning July 1st and ending the following June 30th.

Federal Insurance Contributions Act taxes for the Social Security System.

Stands for the Federal Insurance Contributions Act, which created the Social Security system. The employee and employer both pay a FICA tax of 6.2% on a portion of the employee's annual gross income. (For 1999, this portion is the first $72,600 earned. FICA tax does not apply on earnings after that.) This money funds certain government payments, such as for retirement and disability , for you and other workers (and, in some cases, their dependents).

FICA stands for "Federal Insurance Contributions Act," and it deducts 7.65 percent of your gross pay for Social Security (which is 6.2 percent) and Medicare (which is 1.45 percent). Your employer pays an equal amount.

Federal Insurance Contributions Act. FICA is the federal law that requires employers to withhold wages from employee paychecks and deposit that money in designated government accounts. These accounts, or trust funds, provide a variety of benefits to US citizens through a program commonly known as Social Security. Retirement income is the largest benefit that FICA withholding supports, but it also funds disability and unemployment insurance. FICA takes 6.2% of every paycheck you receive, up to an annual cap ($84,900 for 2002) set by Congress. Your employer is required to contribute an equal amount. If you're self-employed, you pay as both employer and employee, or 12.4%. An additional 1.45% of your salary is also withheld, and matched by your employer, to pay for Medicare, a medical trust fund for people over 65. There's no salary cap for this part of your contribution.

Federal Insurance Contributions Act. See FICA.

Contributions made by employees and employers to fund Social Security benefits (OASDHI).