FICA (Federal Insurance Contributions Act)

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Definition: FICA (Federal Insurance Contributions Act)

It is a law in the United States of America for the deduction of the tax for the benefit of the community toward the medical, healthcare and social security of the citizens. The bar for the minimum limit for depends upon the income of the person. The most beneficial person are the elder, and children with physical disables. This is not seen as a tax as the collected amount is used for the charity purpose and helps the needy.

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