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FICA

or F.I.C.A.

[ fahy-kuh, fee- ]

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


FICA

  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

He talked about the “biomedical security regime,” ballot harvesting, social credit scores and FICA, but said almost nothing about his family.

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

Post-tax deductions: Deductions that are not exempt from income taxes and FICA.

Some employers don’t break out Social Security taxes from Medicare taxes, and include them both in a line for FICA, which stands for Federal Insurance Contributions Act.

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-fic-fication