FICA tax
Short for Federal Insurance Contributions Act tax, it is a payroll tax that incorporates the Social Security tax and Medicare tax. The FICA tax is 15.3% of an individual's earned income up to a certain limit (called the Social Security Wage Base) that increases each year, and then 2.9% of wages without limit.
Category: Business, LLCs & Corporations
Category: Personal Finance & Retirement → Taxes

Nolo’s Plain-English Law Dictionary. . 2009.

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