Federal Income Contributions Act (FICA) - Financial Accounting

We will discuss the federal income tax Act or FICA. FICA can be confusing because of the terminology used. FICA includes both social security and medicare. Social security can also be called the Old Age Survivors and Disability Insurance, which is a lot to say. Most people use the term social security in speech. However, the use of OASDI is often useful in worksheets and writing. Midicare can be apriviated as Med or Hospital Insurance (HI).
For more accounting information see website:
http://accountinginstruction.info/cou...