What does FICA mean? Read on to discover the definition & meaning of the term FICA - to help you better understand the language used in insurance policies.
The Federal Insurance Contributions Act (FICA) is a piece of American legislation that requires employees to give up a percentage of their earnings, and for employers to match that amount, in order to fund public health insurance and social security. The law was first passed in 1935.
We hope the you have a better understanding of the meaning of FICA.