from The American Heritage® Dictionary of the English Language, 4th Edition
- abbr. Federal Insurance Contributions Act
from Wiktionary, Creative Commons Attribution/Share-Alike License
- proper n. Acronym of Federal Insurance Contributions Act.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. a tax on employees and employers that is used to fund the Social Security system
Sorry, no etymologies found.
There are two reasons for that, number one similar to what we've seen in all prior years, Q1 you have all the annual resets of all the employer taxes and of course we have a bigger employee base today than we've had before so we're going to feel the impact of that in Q1, what we refer to as the FICA rates and Medicare, less Medicare but more FICA.
The only alternative to general Tax increases to pay the General Revenue Budget remains a rise in FICA taxes, or aggregation of further Federal debt.
Since FICA is paid upfront over the course of the year, a poor 1040 filer would get back a check for the amount of a refundable tax credit.
FICA is a federal tax, and virtually all working people pay it.
(Right now, no FICA is paid on individual income above $90,000.) 2.
FICA is not a tax; it is a forced loan to the government.
(Right now, no FICA is paid on individual income above $90,000.)
The Social Security administration has a big, big pool of money that has been paid in FICA taxes on bogus social security numbers for illegal immigrants.
Which sounds funny in Italian: FICA is the name for the female sex.
FICA is a tax, and tax revenues are fungible, any annual surplus of FICA taxes over benefits is used to cover other government spending.