Federal Insurance Contributions Act (FICA) tax

Definition of "Federal Insurance Contributions Act (FICA) tax"
  1. A tax that funds benefits for retirees, their dependents, and workers who are disabled along with their dependents, commonly known as the Social Security tax
How to use "Federal Insurance Contributions Act (FICA) tax" in a sentence
  1. The increased FICA tax deductions in John's paycheck reflected the new tax laws.
  2. Businesses are required to match the FICA tax withheld from their employees' wages.
  3. A portion of each paycheck is automatically withheld for the Federal Insurance Contributions Act (FICA) tax.

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