Federal Insurance Contributions Act
/ˈfɛdərəl ɪnˈʃʊərəns kɒnˌtrɪbjuˈʃənz ækt/
Definitions
- (n.) A U.S. federal law that imposes payroll taxes to fund Social Security and Medicare programs.
Employers must withhold taxes under the Federal Insurance Contributions Act from employees’ wages.
Forms
- federal insurance contributions act
Related terms
See also
Commentary
Often abbreviated as FICA, this act requires employer and employee contributions and is pivotal in U.S. tax and social welfare law.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.