FICA

American  

[fahy-kuh, fee-] / ˈfaɪ kə, ˈfi- /

Or F.I.C.A.

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

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FICA Cultural  

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.

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Example Sentences

See Examples For:

FICA

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.

From New York Times ● Feb. 18, 2023

All three asked: What is FICA, and why is he taking so much of my money?

From Washington Post ● Jan. 11, 2023

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

From Encyclopedia.com ● Feb. 13, 2018

They are paid in cash and owners don't have to worry about workers compensation or FICA.

From New York Times ● Mar. 31, 2016

Banks, forced to keep more debt on their books, are less willing to lend to anyone who doesn't have a high FICA, or credit quality, score.

From Time Magazine Archive