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Tax Glossary

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  • Federal Insurance Contributions Act (FICA)

    This is Social Security Tax. FICA consists of Social Security (supplemental retirement income) payroll tax and a Medicare (hospital insurance) tax. The tax is levied on employers, employees, and certain self-employed individuals. On some pay stubs it may be listed as some form of Old Age Survivors and Disability Insurance (OASDI).

  • Federal Tax Deposit (FTD)

    An employer must deposit employment taxes withheld (income tax withholding and FICA taxes) including the employers share of the FICA, either monthly or semi-weekly (depending on the amount of tax withheld) with an authorized commercial bank or Federal Reserve Bank.

  • Federal Unemployment Tax Act (FUTA)

    A Federal tax paid by employers that provide for the administrative costs of a states unemployment compensation program for workers who have lost their jobs through no fault of their own. Only the employer pays FUTA tax, it is not deducted from the employees wages. This annual tax is reported on Form 940.

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