Definition of Federal Insurance Contributions Act

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TeachMeFinance.com - explain Federal Insurance Contributions Act



Federal Insurance Contributions Act

The term 'Federal Insurance Contributions Act ' as it applies to the area of Medicare in the United States can be defined as ' Provision authorizing taxes on the wages of employed persons to provide for the OASDI and HI programs. Covered workers and their employers pay the tax in equal amounts'.

Previous 5 Terms:
Federal Food, Drug, and Cosmetic Act (FFDCA) of 1938
Federal General Revenues
Federal grain inspection program
Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA)
Federal Insurance Contribution Act Payroll Tax
Next 5 Terms:
Federal Land Bank Associations (FLBAs)
Federal Land Credit Associations
Federal Land Policy and Management Act of 1976 (FLPMA)
Federal Managers' Financial Integrity Act
Federal Meat Inspection Act of 1906




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Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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