Federal Insurance Contributions Act (FICA)

Business / Taxes / Federal Insurance Contributions Act (FICA): The Federal Insurance Contribution Act (FICA) is the federal law that requires employers to withhold 6.2% from their employees' paychecks, up to an annual earnings cap. Employers must match employee withholding and deposit the combined amount in designated government accounts. These taxes provide a variety of benefits to qualifying workers and their families through the program known as Social Security. Retirement income is the largest benefit that FICA withholding supports, but the money also funds disability insurance and survivor benefits. Under this act, an additional 1.45% is withheld, and matched by the employer, to pay for Medicare, which provides health insurance for qualifying disabled workers and people 65 and older. There's no earnings cap for this tax. If you're self-employed, you pay FICA taxes as both employer and employee, or 15.3%.

Other Words for Act

Act Verb Synonyms: behave (oneself), carry on, deport oneself, comport oneself, conduct oneself
Act Noun Synonyms: deed, action, undertaking, operation, step, move, feat, exploit, accomplishment, achievement
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Other Words for Insurance

Insurance Verb Synonyms: assurance, surety, indemnity, indemnification, guarantee or guaranty, warranty, bond, security, protection, cover
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National School Lunch Act

Business / Agriculture / National School Lunch Act: P.L. 79-396 (June 4, 1946) authorized federal cash and commodity support for school lunch and milk programs, '...as a measure of national security...' in response to claims that many American men had MORE

National Practitioner Data Bank (NPDB)

Health / Health Insurance / National Practitioner Data Bank (NPDB): A database maintained by the federal government that contains information on physicians and other medical practitioners against whom medical malpractice claims have been settled or other disciplinary MORE

National Wool Act Of 1954

Business / Agriculture / National Wool Act Of 1954: Title VII of Agricultural Act of 1954 was designated the National Wool Act and provided for a new and permanent price support program for wool and mohair to encourage increased domestic production thr MORE

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