FICA

Or F.I.C.A.

[fahy-kuh, fee-]

1. Federal Insurance Contributions Act: U.S. government legislation under which taxes are levied for the support of Social Security.

FICA

1. An acronym for F ederal I nsurance C ontributions A ct. FICA taxes are deducted from the pay of most American workers to support Social Security programs.

Example Sentences

He talked about the “biomedical security regime,” ballot harvesting, social credit scores and FICA, but said almost nothing about his family.

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Whether you work for a company or are self-employed, you pay FICA.

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Think of these as checking accounts, with funds flowing in primarily from the Federal Insurance Contributions Act, or FICA, which levies a 12.4 percent tax on wages that is split by employers and workers.

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Post-tax deductions: Deductions that are not exempt from income taxes and FICA.

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Some employers don’t break out Social Security taxes from Medicare taxes, and include them both in a line for FICA, which stands for Federal Insurance Contributions Act.

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