Federal Insurance Contributions Act (fica)
Tax charged to finance the old age, survivors, disability, and health insurance (OASDHI) plan. Both employer and employee share in the cost, making contributions on an equal basis. The employer pays the tax on its payroll, and the employee pays the tax on wages earned. The total contribution (employer and employee payments) tax rate is 15.3% in 1990 for the covered wages.
Popular Insurance Terms
Assistance program for the financially needy. Medicaid, also referred to as Title XIX of the Social Security Act, was enacted in 1965 at the same time as medicare. It is a joint ...
Buy-sell agreements found in partnerships, sole proprietorships, and close corporations. Either the business entity or the surviving members of the business agree to buy out the interest of ...
Coverage of a single life, in contrast to group life insurance, which covers many lives. ...
Individual or organization that is a potential purchaser of an insurance product. ...
Same as term Expected Loss: probability of loss upon which a basic premium rate is calculated. ...
Portion of a premium paid by an insured that has been allocated to the insurance company's loss experience, expenses, and profit year to date. ...
Coverage for all kinds of personal property whether inside or outside an insured's (home) to include jewelry, musical instruments, cameras, fine arts, and precious stones. The insurance ...
Representation of ownership rights such as stocks. ...
Rate applied when two or more separate buildings are insured under one policy, and/or when two or more separate contents are insured under one policy. ...
Have a question or comment?
We're here to help.