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Term Definition
FICA
- the Federal Insurance Contributions Act, which regulates Social Security benefits and taxes.
Application in Divorce
The 6.2 percent (12.4 percent for self-employed persons) is currently paid on the first $80,400 of income. High income earners pay this tax in the first part of tax year; therefore, this deduction must be considered in setting
support
payments.
See also
Medicare
.
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