1. FICA - Noun
2. FICA - Proper noun
a tax on employees and employers that is used to fund the Social Security system
Source: WordNetAll workers paying FICA and SECA taxes for forty quarters of credit (QC) or more on a specified minimum income is "fully insured" and eligible to retire at age 62 with reduced benefits. Source: Internet
A full retirement age worker and his full retirement age spouse making the ceiling income or more would be eligible for 43% of the ceiling FICA salary (29% if single) and even less if making more than the ceiling income. Source: Internet
After all, FICA taxes amount to 6.2% each for employers and employees for Social Security, and 1.45% each for Medicare. Source: Internet
Any higher incomes than the ceiling income are not FICA covered and are not considered in the benefits calculation or in determining the average indexed monthly salary, AIME. Source: Internet
As for your FICA taxes, 6.2% of your income goes to Social Security taxes. Source: Internet
In other words, the high earner, in this scenario, gets a far greater return on his FICA tax investment than does the low earner. Source: Internet