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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.

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15y ago
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12y ago

under the fedaral insurance contributions act 12.4% of income up tto an annual limit must be paid into social security and a additional 2.9% must be paidd into medicare

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Q: The meaning of FICA
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