Federal Insurance Contribution Act of 1935 FICA

{
  "id": "MLC-T-INS-001476",
  "term": "Federal Insurance Contribution Act of 1935 FICA",
  "field": "Insurance and risk management",
  "definition": "A United States federal law, the Federal Insurance Contribution Act, that mandates a payroll tax on the earnings of employees and self-employed individuals. These mandatory contributions fund the Social Security program, providing retirement, disability, and survivor benefits, and the Medicare program, which covers hospital insurance for the elderly and disabled. The tax is levied on both employers and employees, with each paying a set percentage of wages up to an annual limit for the Social Security portion.",
  "url": "https://mlchart.com/terminology/insurance/federal-insurance-contribution-act-of-1935-fica/"
}