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.

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MEAN is the measure of central tendency; also called the average. It is calculated by the sum of the data points divided by the number of data points.

FIELD WORK, in auditing, is the performance of audit procedures outside the CPA's office. Much field work, but not all, is done in the client's offices after the balance sheet date.

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