FICA


Also found in: Thesaurus, Financial, Acronyms, Wikipedia.

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 ?
The discussions on this at the ICC have been going on and FICA will continue to urge ICC to prioritise this issue," he said.
FICA is a liquid, structured bank deposit vehicle that provides investors a competitive yield on multi-million dollar deposits backed by the full faith and credit of the US Government.
457(b) plans usually permit participation by all eligible employees, whether highly compensated or not, special attention should be given to FICA taxation when employer matching or nonelective contributions are provided, particularly when those contributions are subject to a vesting schedule.
Quality Stores reported the payments as wages and withheld income tax accordingly; it paid the employer's share of FICA tax and withheld the employee's share.
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.
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.
According to the administration, the imposition of FICA taxes could result in the loss of $24 million annually in illegal taxes on the CNMI economy.
The IRS has recently provided guidance on the withholding of FICA taxes on the value of certain deferred compensation benefits.
The special FICA rules under Code section 3121(v)(2) also can present problems when above-market interest is earned in nonqualified defined contribution plans.
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.