What does FICA mean?

Answer 1

FICA means you have less money to spend and even less later when you retire.

Forced Income Confiscated Annually.

Answer 2

"Federal Insurance Contributions Act."

Social Security payroll taxes are collected under authority of the Federal Insurance Contributions Act (FICA). The payroll taxes are sometimes even called "FICA taxes."

In the original 1935 law the benefit provisions were in Title II of the Act (which is why we sometimes call Social Security the "Title II" program.) The taxing provisions were in a separate title, Title VIII. There is a deep reason for this, having to do with the constitutionality of the law (see discussion of the Constitutionality of the 1935 Act).

As part of the 1939 Amendments the Title VIII taxing provisions were taken out of the Social Security Act and placed in the Internal Revenue Code. Since it wouldn't make any sense to call this new section of the Internal Revenue Code "Title VIII," it was renamed the "Federal Insurance Contributions Act."

The payroll taxes collected for Social Security are of course taxes, but they can also be described as contributions to the social insurance system that is Social Security. Hence the name "Federal Insurance Contributions Act."

So FICA is nothing more than the tax provisions of the Social Security Act, as they appear in the Internal Revenue Code.

Answer 3

Federal Insurance Contributions Act

Answer 4

Federal Insurance Contibutions Act.

Answer 5

Federal Insurance Contributions Act - payroll tax to fund federal programs

Answer 6

Actually "fica" is Portuguese Word. In English it is "is". But I got no idea with what they are laughing at your friend.

Answer 7

federal insurance contributions act