FICA

What does FICA stand for?

Federal Insurance Contributions Act

A financial acronym that stands for the federal tax imposed on employees and employers to fund Social Security and Medicare; helps provide benefits for children of deceased workers, the disabled, and retirees.

Example

Do you think the FICA tax should be imposed on investment income?

Related Slang

IRSInternal Revenue Service
ITRIncome Tax Return
EBTEarnings before taxes
patProfit after taxes
PBTProfit before tax

Categories

Financial Terms
Updated February 11, 2015

FICA definition by Slang.net

This page explains what the acronym "FICA" means. The definition, example, and related terms listed above have been written and compiled by the Slang.net team.

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