FICA Definition

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FICA (FEDERAL INSURANCE CONTRIBUTIONS ACT) is the U.S. law requiring U.S. employers to match the amount of Social Security tax deducted from an employees paycheck.

Learn new Accounting Terms

LIP ACCOUNT see LOAN-IN-PROCESS ACCOUNT.

UNDERBUDGETED is a line item within a budget to where the budgeted amount is not sufficient to cover the actual amount.

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