FICA
Social Security acronym
FICA is an acronym for the Federal Insurance Contributions Act, the U.S. law requiring employers and employees to pay taxes funding Social Security and Medicare.
On pay stubs and tax documents, FICA appears as a payroll deduction: I didn't realize how much FICA takes out of each paycheck.
The term functions as shorthand for these mandatory withholdings.
Keeping from another
- deductionConclusion from premises
- paycheckCompensation for labor
- paystubRecord of compensation details
- W-2Employer-issued tax form
wages · salary · earnings · gross · net · employer · employee · compensation
Federal senior health program
- hospital insurancePolicy covering medical facility costs
- healthcareOrganized provision of treatment
- seniorsOldest in a group
- elderlyAdvanced in age
beneficiary · supplemental · aging · coverage · entitlement · Medicare tax
Mandatory public revenue charge
- IRSFederal tax collector
- federalDivided governmental authority
- taxable wagesEarnings subject to withholding
- tax liabilityMoney owed to government
quarterly · filing · compliance · employer contribution · employee contribution · tax rate · cap · threshold
withholding
Keeping from another
- deductionConclusion from premises
- paycheckCompensation for labor
- paystubRecord of compensation details
W-2 · wages · salary · earnings · gross · net · employer · employee · compensation · pay period
Medicare
Federal senior health program
- hospital insurancePolicy covering medical facility costs
- healthcareOrganized provision of treatment
- seniorsOldest in a group
elderly · beneficiary · supplemental · aging · coverage · entitlement · Medicare tax
tax
Mandatory public revenue charge
- IRSFederal tax collector
- federalDivided governmental authority
- taxable wagesEarnings subject to withholding
tax liability · quarterly · filing · compliance · employer contribution · employee contribution · tax rate · cap · threshold
- taxessales tax, income tax, estate tax, excise tax, corporate tax
- benefitsadvantage, healthcare coverage, dental insurance, benefit, health screening
- Federal TaxesIRS, tax return, tax refund, Form 1040, 1040
- taxationtax, income tax, sales tax, tax return, tax refund
- government revenuetax revenue, sales tax, income tax, property tax, excise tax
- paycheck deductionsincome tax, federal tax, state tax, withholding, health premium
FICApersonal savings
Individually accumulated wealth
IRA contributions · charitable donations · disposable income
FICAprivate pension
Self-arranged retirement income
401(k) · IRA · private health insurance · Roth IRA · personal savings
FICAtax refund
Returned excess withholding
tax rebate · tax credit · tax deduction · earned income credit · tax exemption