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Term of the Day FICA Definition

Posted on 6 August, 2013 at 12:50
Term of the Day                                                                                       FICA Definition
The federal law which requires employers to withhold a portion of employee wages and pay them to the government trust fund which provides retirement benefits. An acronym for Federal Insurance Contributions Act. More commonly known as social security.

Usage Example
The Government spent the extra income, easily covering the payouts on cash flow, and has increased the FICA deductions over the years to maintain SS as a positive cash flow for the Government.

Categories: Accounting, Bookkeeping, Payroll

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1 Comment

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