FICA
|FI-CA|
/ˈfaɪkə/
payroll tax for social security
Etymology
'FICA' originates from the United States, specifically referring to the 'Federal Insurance Contributions Act', where 'Federal' meant 'national', 'Insurance' meant 'protection against risk', and 'Contributions' meant 'payments'.
The term 'FICA' has remained consistent since its inception in 1935 as part of the Social Security Act.
Initially, it meant 'a tax for social security', and this meaning has largely remained the same in modern usage.
Meanings by Part of Speech
Noun 1
federal Insurance Contributions Act, a U.S. law that mandates a payroll tax to fund Social Security and Medicare programs.
Employers are required to withhold FICA taxes from employees' paychecks.
Synonyms
Last updated: 2025/01/11 11:40