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FICA Tax
Federal Insurance Contributions Act tax, a U.S. federal payroll tax funding Social Security and Medicare benefits.
Federal Income Tax
A tax levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities.
Medical Insurance
A type of insurance coverage that pays for medical and surgical expenses incurred by the insured.
Withholding Allowance
An amount claimed on tax Form W-4 that determines how much income tax the employer will withhold from each paycheck. Each allowance claimed (as for a spouse or dependents) reduces the amount of income tax withheld.
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