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TeachMeFinance.com - explain Federal Insurance Contributions Act Federal Insurance Contributions Act The term 'Federal Insurance Contributions Act ' as it applies to the area of Medicare in the United States can be defined as ' Provision authorizing taxes on the wages of employed persons to provide for the OASDI and HI programs. Covered workers and their employers pay the tax in equal amounts'. Previous 5 Terms: Federal Food, Drug, and Cosmetic Act (FFDCA) of 1938 Federal General Revenues Federal grain inspection program Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) Federal Insurance Contribution Act Payroll Tax Next 5 Terms: Federal Land Bank Associations (FLBAs) Federal Land Credit Associations Federal Land Policy and Management Act of 1976 (FLPMA) Federal Managers' Financial Integrity Act Federal Meat Inspection Act of 1906 About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.