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FICA

   Also found in: Financial, Acronyms 0.02 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) n abbr (= Federal Insurance Contributions Act) → Abgabe zur Sozialversicherung


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? Mentioned in ? References in periodicals archive
 
And the major burden for that 80 percent is not the income tax or the AMT, it is the FICA, or Social Security tax.
Any cash or noncash remuneration received for employment, unless specifically exempt, is considered wages subject to the FICA tax.
1041 excludes payments to a person other than an employee from wages for FICA and Federal income tax purposes.
 
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