What is FICA?
The Bankrate.com financial term of the day is: "Federal Insurance Contributions Act" or "FICA."
If you've ever looked closely at your paycheck, you're familiar with FICA, formally known as the Federal Insurance Contributions Act. It refers to the money that's taken out and paid toward Social Security and Medicare. The FICA tax is separate from your income taxes.
During your working years, your payroll deductions for FICA, or the Federal Insurance Contributions Act, support Social Security and Medicare, two programs you'll want to count on later, in your retirement years.
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