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What is Fica?

Definition of Fica

Federal Insurance Contributions Act or FICA was the act which required employers to withhold a set percentage from an employee's salary each time they were paid. The employer, under FICA, is required to match the employee's contribution and pay money to the federal government into the Social Security Trust Fund. This fund was created by the United States Federal government to fund Medicare, Social Security Disability Insurance, retirement income and Social Security Disability benefits for survivors. FICA began in 1937 and was the result of the Social Security Act of 1935. FICA has been expanded and amended over the years to in include qualifying orphans, widows and the elderly.

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