FICA


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Related to FICA: Social Security, FICO score, Federal income tax, Payroll taxes

FICA

abbr.
Federal Insurance Contributions Act

FICA

(ˈfaɪ kə, ˈfi-)

also F.I.C.A.,

Federal Insurance Contributions Act.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.FICA - a tax on employees and employers that is used to fund the Social Security system
income tax - a personal tax levied on annual income
Translations

FICA

(US) abbr of Federal Insurance Contributions Act (Jur) Gesetz über die Einbehaltung von Sozialversicherungsbeiträgen; a third of Jack’s salary went to FICAein Drittel von Jacks Gehalt ging an die Sozialversicherung
References in periodicals archive ?
Understanding the differences between "wages" for FICA and income tax purposes is key to proper withholding treatment.
While it's disappointing that this did not occur, we can't let this distract FICA from its responsibility of helping shape cricket's future," he said.
The immediate fallout from this decision is that more than $1 billion in FICA tax protective refund claims filed by employers across the country will not be paid.
Flowing from these responsibilities, SARB conducted AML & CFT inspections at various banks to assess whether the appropriate measures were in place to ensure compliance with the relevant provisions of FICA.
Statutory employers, such as payroll service companies, are required to remit employer FICA and FUTA taxes and employee FICA taxes even though they are not common law employers.
According to the report, FICA decided to refer to the matter themselves as they believe that the matters are 'concerning and disappointing', adding that this is merely an attempt from their side to deflect attention from the real point, for which they have issued a statement of unity signed by all players from six countries, except India.
The IRS guidance further supports a finding that certain HIRE act benefits, including the FICA payroll tax exemption, apply to employers of seasonal employees.
You may access more information regarding the FICA by going to http://www.
The laws and rules that affect public employers' federal FICA tax obligations regarding Social Security and Medicare coverage provisions include numerous exemptions and exceptions to the laws that apply to the private sector.
check] Daub also recommends what's called the "carve-out" approach, with the goal being "to have a combination of FICA and personal accounts that equal or exceed what you get now if we don't fix the system.
Even if an employer takes the position that the differential payments are not wages for FITW, FICA tax, and FUTA tax purposes, it may still want to consider asking reservists whether they would like to elect voluntary withholding from the payments.
On Page 19, under FICA & SE Tax, the 2003 FICA wage base is $87,000.