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
Inland marine policy addition that provides coverage to owners of sheep, and to warehouseowners who store wool as well as wool in transit. ...
Coverage to indemnify an owner for whom work was done if the completed work is not free of worker's liens for labor and material. ...
Professional designation conferred by the American College. In addition to professional business experience in insurance planning and related areas, recipients must pass national ...
Regulatory: representative of the commissioner of insurance who conducts an audit of the insurance company's records. Life and Health: physician appointed by an insurance company to ...
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Modified premium used to calculate cash surrender values in excess of that required by the naic: standard NON FORFEITURE LAW. ...
Plan for excess layer (s) of insurance coverage over the primary coverage, for example, if a corporation buys $8 million as excess above a $2 million self insurance retention level. Excess ...
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