MLchartDataset catalogue

FICA tax

Term · Law · MLC-T-LAW-002101

A mandatory United States federal payroll tax deducted from employee paychecks and matched by employers. The tax, authorized by the Federal Insurance Contributions Act (FICA), is used to fund the Social Security and Medicare programs, which provide benefits for retirees, disabled individuals, and their families. The FICA tax consists of two separate components: a 6.2% Social Security tax on earnings up to an annual limit and a 1.45% Medicare tax with no wage base limit.

Table 1. Record
IdentifierMLC-T-LAW-002101
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-002101",
  "term": "FICA tax",
  "field": "Law",
  "term_source": "FICA Tax",
  "definition": "A mandatory United States federal payroll tax deducted from employee paychecks and matched by employers. The tax, authorized by the Federal Insurance Contributions Act (FICA), is used to fund the Social Security and Medicare programs, which provide benefits for retirees, disabled individuals, and their families. The FICA tax consists of two separate components: a 6.2% Social Security tax on earnings up to an annual limit and a 1.45% Medicare tax with no wage base limit.",
  "url": "https://mlchart.com/terminology/law/fica-tax/"
}

Record 2,006 of 5,441 in Law terminology (MLC-0107). Request the full dataset.