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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DOCUMENTARY CREDIT is an arrangement by banks for settling international business transactions. A letter of credit is a form of documentary credit.

SHAREHOLDERS EQUITY is total assets minus total liabilities. It is the same as EQUITY, NET WORTH and stockholder's equity.

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