Insurance Contributions

Description and Definition of Federal Insurance Contributions Act (FICA)

The Federal Insurance Contributions Act (FICA) consists of both a Social Security (retirement) tax and a Medicare (hospital insurance) tax. The tax is levied on employers, employees, and certain self-employed individuals. The law requires that you to pay FICA on your earned income.

Resources

See Also

Further Reading

• Federal Insurance Contributions Act (FICA) in the West's Tax Law Dictionary
• Federal Insurance Contributions Act (FICA) in “A Dictionary of Taxation”