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FICA

   Also found in: Financial, Acronyms 0.01 sec.
FICA
abbr.
Federal Insurance Contributions Act
ThesaurusLegend:  Synonyms Related Words Antonyms
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


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3101, FICA tax is owed on all payments made by an employer to its employees.
The mechanical process for making adjustments to wages and related taxes varies depending on whether there is a correction to FICA taxes or to income tax withholding, whether the error is identified before or after the close of the calendar year of the wage payment, and whether there is an overpayment or underpayment of taxes.
FICA is just one example of the new proletariat's blindness to the problems of the real average man.
 
 
 
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