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Definition of

Federal Insurance Contributions Act

HR & Personnel

in US money deducted for Social Security and Medicare in the United States, a federal law that requires employers to deduct a percentage of their employees' income for payment into the trust fund that provides Social Security and Medicare benefits. Employers and employees are each responsible for half the payment, while self-employed individuals are responsible for the entire payment but are allowed a tax deduction for half.

Related definitions of "Federal Insurance Contributions Act"

Definitions of ’Federal Insurance Contributions Act’ and meaning of ’Federal Insurance Contributions Act’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’Federal Insurance Contributions Act’ and other financial terms with our online QFINANCE Financial Dictionary.

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