Fica Tax

Fraud In the Inducement

Short for federal insurance contributions act tax, it is a payroll tax that incorporates the social security tax and medicare tax. the fica tax is 15.3% of an individual’s earned income up to a certain limit (called the social security wage base) that increases each year, and then 2.9% of wages without limit.

Was This Term Helpful?

0 out of 0 found this helpful

Still got a question or concern?

Click here to contact us or go back to the main Glossary page.